Matanovic has been on the radar of both Premier League clubs since last year, and both were linked with him ahead of the last transfer deadline.
Their scouting departments are continuing to keep a close eye on his development, and the 23-year-old has given them plenty to watch this season, scoring six goals in his first six competitive games for Freiburg.
His form is expected to increase the level of interest around the Croatia international, who was born in Hamburg and offers the physical presence and focal-point qualities that could make him an attractive option in the Premier League.
Manchester United have big hopes for Benjamin Sesko as the striker settles into the campaign, but sources indicate the club are also considering whether they could benefit from having another forward capable of leading the line and providing a different physical dimension.
Tottenham are also understood to be very keen on Matanovic, and his name remains of interest despite their significant attacking investment during the summer transfer window.
Spurs have yet to score a Premier League goal after their opening four games, adding an extra layer of scrutiny to their attacking options, although any decision on further recruitment would have to be considered alongside the players already brought in.
A fee in the region of £35-40 million is currently being mooted for Matanovic, which would make him a relatively affordable option compared with some of the other strikers who could become available on the market.
However, his current scoring rate could quickly change that equation.
If Matanovic continues to find the net at his current rate throughout the season, his value would be expected to rise ahead of 2027, but it is a situation worth keeping an eye on.