The Argentina international has been heavily linked with a move to the Premier League champions in the past week, having entered the final 18 months of his contract at the Mestalla.
Banega is showing no signs of wanting to sit down and negotiate a new deal with the Spanish club, and so manager Miroslav Dukic appears to be coming under increasing pressure to sever ties with the South American playmaker.
According to the Daily Star, Red Devils boss David Moyes is keen to bring the 25-year-old to Old Trafford, as he looks to strengthen his midfield department when the transfer window reopens in January.
However, Manchester United will not meet Banega's £50million buyout clause, and instead plan to negotiate a cut-price deal for a player that has endured a controversial career in La Liga.
Reflecting on the possibility of the former Boca Juniors star joining Manchester United for €25million at the turn of the year, Superdeporte editor Carlos Bosch said: "Sure! It's a lot of money.
"He only has a season left on his contract and he does not seem very willing to negotiate a renewal."