The Shakhtar Donetsk midfielder is being tracked by both Manchester United and rivals Manchester City.
And United appear to be leading the race over the final hours of the transfer window.
City are working on a deal to land Riyad Mahrez and have tabled a fresh bid worth around £65m although Leicester are thought to be holding out for £90m.
And United are in the clear to sign the Brazil midfielder if they can reach an agreement with Shakhtar Donetsk.
United’s big business of the window is done having signed Alexis Sanchez and moved Henrikh Mkhitaryan on earlier this month.
They have also sent a number of players – including Axel Tuanzebe and James Wilson – out on loan.
Zlatan Ibrahimovic and Daley Blind’s futures are uncertain and they could still leave.
But Fred, according to the Manchester Evening News, remains one to watch.
United would need to move quickly with the transfer window closing at 11pm tonight.
But it is understood Shakhtar are looking for a replacement with the Ukrainian transfer window only opening today.
United did sign young goalkeeper Matej Kovar earlier today in their only piece of deadline day business so far.
“Matej Kovar has joined Manchester United from FC Slovacko, subject to international clearance,” a statement read on the club’s website.
“The 17-year-old is a talented young goalkeeper who has already appeared for Czech Republic’s Under-18s on two occasions, highlighting his promising pedigree and excellent potential.
“An exciting prospect, Kovar has signed a professional contract with the club and will soon join the ranks of the Academy, specifically with Kieran McKenna’s impressive Under-18s team.”