The Red Devils are willing to offer the Eredivisie side £35.4 million for Lozano, who was part of Mexico's squad at the 2018 FIFA World Cup, per Alessio Alaimo at Tuttomercatoweb.com (h/t the Manchester Evening News' Liam Corless).
The 22-year-old joined PSV in summer 2017 from Mexican side Pachuca. He went on to score 20 goals and contribute eight assists in his first full season with the Dutch side as they won the league title.
Lozano also impressed at the World Cup as Mexico made it to the last 16 before Brazil beat them. The winger scored the winner in El Tri's win over defending champions Germany, which was the highlight of their campaign.
Football writer Tariq Panja said he might have earned himself a move:
Lozano is capable of playing on both flanks or centrally, is quick and a good crosser as well as a strong finisher. His performances at the World Cup will have attracted interest, and it's possible a big-money offer could tempt PSV to cash in.
Opta showed how he impressed against Brazil:
Manchester United do not lack for attacking options, but manager Jose Mourinho has appeared keen to bring in a winger. The Red Devils have been linked with a move for Chelsea's Willian, per The Sun's Mike McGrath.
Lozano would be a cheaper and younger option than Willian, who will turn 30 in August and is expected to cost around £60 million, per McGrath.
The Mexican has previously hinted he would be interested in a move to Manchester United, per Univision (h/t Ben Nagle for MailOnline).
"I believe many [leagues] are beautiful, I like the English and the Spanish very much," he said. "But let's see how things are and decide. The one I would like most is Manchester, I like this club a lot and it's a very important club."
The Red Devils finished second in the Premier League last season to rivals City, but they often looked ponderous in attack despite having players such as Romelu Lukaku, Alexis Sanchez, Juan Mata and Anthony Martial available.
Lozano would inject pace, penetration and width to the Red Devils front line as they seek to close the gap on Manchester City and bring the Premier League trophy back to Old Trafford for the first time since 2013.