The Red Devils are on the look-out for new shirt sponsors after it was confirmed their agreement with AIG, which expires next year, would not be renewed.
AIG's deal with United had been worth £19million a season and the club are reportedly quietly confident of landing a more lucrative contract despite the global economic downturn.
It was confirmed last month that negotiations had taken place with giant Indian corporation Sahara, while Saudi Telecom are also believed to be in the running.
Now AirAsia chief executive Tony Fernandes has confirmed talks are underway, although he has hinted the current economic climate may impact on their budget.
Great deal"There is no doubt that this would be great for AirAsia," said Fernandes on his personal blog.
"I don't know what the entire package would amount to but I was just thrilled that we have reached a stage where Manchester United would actually 1) Think that we are a big enough brand to afford them; and 2) That they would want our brand on them.
"To be honest, I don't know what the entire package would amount to, as prices would have to come down. But it must be stated that all our branding commitments have always been about the impact to our bottom line."