Armenia international Mkhitaryan, 28, has also been linked with moves to Inter Milan and former club Borussia Dortmund.
Arsene Wenger expects a decision over Alexis Sanchez's future to be made this week amid links with Liverpool and Manchester United.
Former Liverpool player Steve Nicol believes Christian Pulisic will eventually join Manchester United from Borussia Dortmund in 2019.
Manchester City are on the ascendancy and are more likely to win trophies than United as the power has shifted in Manchester.
United boss Jose Mourinho has urged the club's hierarchy to meet Juventus's asking price for the Brazil international.
City are reportedly pulling out of the race given news of Gabriel Jesus' return from a knee injury earlier than expected.
Both Mesut Ozil and Alexis Sanchez are in the final six months of their respective contracts at the Emirates Stadium.
Mkhitaryan has fallen out of favour at Old Trafford and would be allowed to leave if a respectable offer comes United's way.
Arsenal are closing in on a deal for Bordeaux's Malcom which could be a major boost for Manchester United in their pursuit of Alexis Sanchez.
Jamie Vardy is set to remain at Leicester City after Manchester United signalled their intensions not to bid for the England forward.
Manchester United want to make David de Gea their highest paid player to ward off interest from Real Madrid.
Coventry Academy Manager Richard Stevens admitted in September it was difficult to stop Charlie McCann join Manchester United, especially when he supported them as a small boy.
Manchester United have expressed interest in signing both of Arsenal's contract rebels Mesut Ozil and Alexis Sanchez.
Alexis Sanchez was heavily linked with a move to Manchester City since last summer. The latter's local rivals Manchester United have now joined the race for his signature.
Aston Villa are said to be interested in signing Manchester United youngster Axel Tuanzebe on loan this month but his club are in no rush making a final decision.
Jose Mourinho has effectively confirmed Manchester United are hoping to sign Alexis Sanchez from Arsenal this month.
Manchester City will end their interest in signing Alexis Sanchez unless Arsenal lower their demands, leaving Manchester United a free run at signing the Chile international.
Chelsea manager Antonio Conte says he is a great admirer of Arsenal forward Alexis Sanchez but does not believe the club will bid for him this January.
Tottenham Hotspur have reportedly ended their interest in signing Manchester United target Malcom with Arsenal "not on the case."
Alexis Sanchez's arrival at Manchester United ahead of Manchester City would be a real coup according to former defender Phil Neville.
Alexis Sanchez could yet remain at Arsenal, but Arsene Wenger is delighted at the prospect of a looming bidding war between Manchester United and Manchester City.
Manchester United Head of Academy Nicky Butt says Arnau Puigmal has impressed since he joined the club last September.