The Portugal international has been on the Red Devils’ radar throughout the transfer window, but a deal is yet to be made between the two sides.
The 20-time English champions have already strengthened his squad with the arrivals of Jadon Sancho and Raphael Varane as he looks to mount a silverware challenge in the Premier League this term.
The aforementioned report claims that United had hoped to fund the signing of Wolves midfielder Neves, who is valued at under £40m.
The report adds that the West Midlands outfit would be willing to sell the 24-year-old playmaker for the right price, although Bruno Lage has already stated that he does not want to see him leave.
Neves racked up 177 appearances for Wolves since 2017.