The Swedish international had limited playing time, spending most matches on the bench last season.
As a result, there have been suggestions that Elanga may depart from Old Trafford, and according to Kicker, the Bundesliga outfit have initiated talks for a possible transfer during the summer.
While Elanga was previously valued at £20 million earlier this year, it is now speculated that he could be sold for as low as £12 million in the summer transfer window.
Several Premier League clubs are also keeping an eye on the winger, but it is likely that he will prioritise opportunities for playing time.
Borussia Dortmund have shown interest in Elanga as well, but they have yet to enter into negotiations with Manchester United for his services.
In addition to the young talent, Manchester United may also part ways with Facundo Pellistri, who has not yet renewed his contract.