Talks with the 21-year-old England striker are understood to be progressing well and manager Ole Gunnar Solskjaer is hopeful a deal can be concluded soon to build on the momentum of signing Daniel James and Aaron Wan-Bissaka.
Rashford, a local boy who scored twice on his United debut aged 17, is regarded as the posterboy of Solskjaer's youth revolution at Old Trafford and he is in line for a bumper pay rise to around £200,000-a-week. His current contract on just over half that amount has two years to run.
United's intention to lower the average age of their squad was boosted on Saturday with the confirmation of £50million signing Aaron Wan-Bissaka from Crystal Palace.
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