Mkhitaryan has lost his place in Manchester United’s squad in recent months under Jose Mourinho.
The Armenian started the campaign in brilliant form, providing five assists in his opening three Premier League games.
But he was subsequently dropped after the 1-0 defeat to Chelsea in November and has struggled to earn back his place in the squad.
And that has led to speculation suggesting Mkhitaryan could be heading for the exit door at Old Trafford.
But it won’t be on loan to Inter Milan.
That’s according to the Daily Star, who state the Italian club are big admirers of Mkhitaryan.
The report claims Inter boss Luciano Spalletti has earmarked the midfielder as his No 1 target for the January transfer window.
Financial Fair Play restrictions mean the Serie A giants are unable to make permanent signings this month, hence the offer of a short-term loan deal.
And Inter are said to have thrown in Joao Mario to help sweeten the deal with United.
But Mourinho is supposedly only interested in cashing in on the 28-year-old to help fund a move for Antoine Griezmann.
United executive vice chairman Ed Woodward is said to be willing to accept an offer close to £15million for Mkhitaryan with Borussia Dortmund supposedly be showing an interest in their former player.