Carlos Tevez's owner Kia Joorabchian held a two-hour meeting with Manchester United chief executive David Gill at Old Trafford yesterday.
United, who faced paying £25.5m for his services, have now put forward another proposal which would see him join them on a permanent basis.
Tevez, 25 on World Cup duty with Argentina, has around seven days to decide, with Manchester City having a £32m deal in place.
Boss Mark Hughes said: "Tevez is a good player. If good players become available then, obviously, every manager is interested."