Arsene Wenger is in the market to sign a replacement for Alexis Sanchez, who will be sold before the end of the January transfer window.
United are understood to be willing to allow Mkhitaryan to join Arsenal this month.
And according to The Guardian, Arsenal have an interest in signing the Armenia international and have been keen since the summer he joined United from Borussia Dortmund.
United are ready to make Sanchez the Premier League’s highest earner with a contract worth £400,000-a-week and are ready to submit a £30 million offer to Arsenal, which is only £5m short of the Gunners’ valuation.
Reports on Sunday claimed that United are now favourites to sign the Chilean as Jose Mourinho’s side have made a significant improvement on Manchester City’s offer.
City, meanwhile, are reluctant to go beyond their £20m offer for a player who could be available on a free transfer at the end of the season. The Premier League champions are also offering a contract worth £290,000 a week.