Phelan is of the belief that Moyes may look to draw up two lots of transfer wishlists for being in Europe, and also for failing to make it, as the Red Devils look to hit back from what is looking to be a disastrous first season under a new regime.
"It might turn into a situation where David Moyes has two shopping lists," said Phelan.
"He'll have one for being in Europe, and one for not.
"Playing in the Champions League is always an issue. You're always going to be in competition with other football clubs for big players, whether you're in Europe or not.
"The big players want to go to the big football clubs, and Manchester United certainly is one of those.
"The attraction to play for Manchester United will still be there, though.
"They're making the sign that they'll plough money into the market this summer and pay big salaries, so it's an interesting time."
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