The Italian forward had his loan spell with Doncaster Rovers cut short due to injury, but his form in front of goal in England's second tier has prompted interest from Rayo Vallecano.
He joined Doncaster on a one-month loan deal from United, and scored three goals in his brief time at the Championship club.
They're reportedly eager to take the Old Trafford forward back once he gets over his hamstring injury, but Macheda could be swayed by the prospect of first-team football in La Liga.
Because reports in Spain claim that the Spanish strugglers are keen to bring in Macheda at the earliest possible opportunity.
They currently sit 19th in La Liga, having scored just six league goals so far this season - the second lowest total in the division.
The Italy youth international has revealed his willingness to leave Old Trafford permanently, with Lazio among a number of clubs believed to be interested in his services.
But the United striker looks like he could be set for another loan spell - it would be his fifth since he burst onto the scene with that stunning goal against Aston Villa as a 17-year-old.