The Serie A side are tracking the Armenian as well as Barcelona's Gerard Deulofeu and Paris Saint-Germain's Javier Pastore, according to Sky Italia (h/t Sky Sports News).
Mkhitaryan has had a testing time at Old Trafford recently as he has struggled to find his best form and was dropped by Mourinho after United's defeat to Chelsea in November.
Meanwhile, Jesse Lingard has been impressing in the No. 10 role for United and should continue in that position, according to football writer Jordan Clarke:
Lingard has six goals and two assists in his last seven Premier League outings for the Red Devils, while Mkhitaryan has one goal and five assists all season in the top flight.
Mkhitaryan has slipped down the pecking order at Old Trafford and looks to have a battle on his hands to convince Mourinho he has what it takes to be a regular starter.
Samuel Luckhurst at the Manchester Evening News says he could be on his way out of the club:
Mkhitaryan overcame a difficult start to his career at Old Trafford and forced his way into the first-team picture, but unless he can find his best form quickly, he may find the club have run out of patience with him.
Meanwhile, Pereira wants to remain at Valencia for the rest of the season even though he could be recalled in January, according to AS (h/t Lucas Sposito at Sport Witness).
Pereira said in November that he wants to stay with Valencia as he feels returning to United would interrupt his development, per Super Deportes (h/t Zinny Boswell at Sky Sports).
The 21-year-old has made 15 La Liga appearances for Valencia in this campaign as Marcelino's side have impressed and sit third in the table.
Pereira has recently shown his commitment to the cause by posting a video on Twitter:
In his absence, Scott McTominay has been granted first-team minutes and seems to have benefited from Pereira's decision to head out on loan.