United and Alcantara have allegedly agreed to a deal that will see the Spaniard receiving £5.5 million a year, with the promise of regular first-team football.
The news will no doubt act as a catalyst for Barcelona, who will enter into last-ditch crisis talks with the player later this week.
Thiago has struggled to find a place in the Barca first team, and with the arrival of Brazilian wunderkind Neymar, things are probably only going to be harder for the man who led his nation's under-21 side to European Championship glory.
Eventually the sum total for the transfer itself is likely to be in the region of £17 million. United will have to act fast, however, as they might suddenly be finding themselves facing rivals for the signature of Brazilian World Cup winner Mazinho's son.
Manchester City and Bayern Munich have both shown a keen interest in the 22-year-old. It is no secret that these teams have cash to burn and as such would definitely have the upper-hand over the Red Devils if things escalated into a bidding war.
United need to get this transfer wrapped up as soon as possible, or else they risk facing another Eden Hazard incident, where a player that was seemingly on his way to the club was poached at the last minute by United's bitter rivals Chelsea.
The article goes on to suggest that news of Edinson Cavani's potential arrival at United may be the hearsay that most United fans had hoped it would be.
Despite finally breaking his terrible streak at major tournaments last night, scoring for Uruguay in their 2-1 defeat to Brazil, Cavani has not done a great job of putting himself in the shop window this summer.
He is a talented striker but just not the player United are looking for right now.
The report does suggest, however, that the Red Devils are keeping a close eye on the current Cristiano Ronaldo situation.
One has to wonder how United could possibly afford a player like Ronaldo these days, but then this is football. Stranger things have happened.
Right now, though, they need to turn their focus solely towards the completion of the Thiago move and ensure that fans of England's most successful club aren't left feeling robbed, like they were last summer.