The 29-year-old’s current contract is set to expire at the end of the season and the midfielder has featured only 18 times for United since joining the club from Bayern Munich in 2007 in a £17million deal.
Hargreaves has been struggling with knee problems and reports have suggested that he could be forced to leave United at the end of the season.
News of the World reports that United could be ready to offer Hargreaves a deal that will see him earn £15,000-per-match, excluding all bonuses.