Reports in the Daily Express and some other sources have linked Hargreaves with moves to other Premier League clubs including Arsenal.
The 30-year-old midfielder's contract runs out in June, and Arsene Wenger might be tempted to bring him in on a free transfer. But is it worth the risk?
There is no doubt that, if he was fit, he would continue to play at Old Trafford due to his quality and experience. Arsenal are in desperate need of both in their midfield.
Knee injuries have plagued the Englishman since his arrival at Old Trafford in 2007 for £17m. His expected comeback this season was stalled by hamstring and shoulder injuries.
However, he may yet be worth a punt for Arsene Wenger. One reason is that he will bring loads of experience to the squad. Hargreaves has won Five Domestic Titles and Two Champions League medals during his time at Munich and Manchester.
His primary problem of knee injuries seems to be solved, and he should be able to shake off the secondary injuries to his hamstring and shoulder.
His transfer will be free and, more importantly, he will surely be willing to take a pay cut to play for one of England's top teams.
Wenger could consider giving him a 'pay as you play' contract, which would buy him for one year.
Arsenal have learned from the bitter experiences of Eduardo and Rosicky that players are never the same after an injury. But Hargreaves' quality cannot be ignored.
Given the underwhelming performances from the likes of Denilson and Abu Diaby in midfield, Arsenal fans wont mind making a move for this quality player, even if there is a chance that he might not play.