Rooney's current deal expires in June 2012 and United will be wary of his value dipping as that date approaches. And they certainly won't want to lose him on loan.
The frontrunners for his signature look to be Manchester City, Real Madrid and Barcelona.
City clearly have the financial clout to land the 24-year-old, who is being valued at around £50 million, and a move to Eastlands would require no serious upheaval in terms of his family life.
Real Madrid would present the opportunity for Rooney to re-unite with Cristiano Ronaldo. Jose Mourinho is a fan and Madrid president Florentino Perez has said he would "love" to work with the England striker.
Then there's Barcelona, and who wouldn't want to see Rooney link up with Lionel Messi? Apart from United fans obviously!
The Daily Mirror are suggesting Rooney could command wages in the region of £300,000/week in his next deal.
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Meanwhile, Wesley Sneijder is struggling to agree a new contract at Inter Milan and a move to the Premier League could be in the offing. (Transfer Tavern)
Manchester City and Manchester United are said to be leading the race for his signature - who is valued at £35m.