The Daily Star says Ferdinand's current deal runs out in June and he is fighting to save his United career after falling out of favour at Old Trafford.
United can trigger a new 12-month option whenever they want, but will wait until nearer the end of the season before making a decision.
A United source said: "There is an option to keep Rio for another season after this one. A decision will be made later in the season."
For breaking stories and all the great banter like us on Facebook: facebook.com/tribalfootball