It was reported that Fernandes, 32, turned down Manchester United’s latest contract offer, with his current deal set to expire at the end of the season.
United have sacked Michael Carrick with the club sat down in the relegation zone and replaced him with former Tottenham and Chelsea boss Mauricio Pochettino.
According to The Sun, United are preparing for life without Fernandes, and are willing to back Pochettino with one of football’s rising stars.
Paz, 22, is one of the best young attacking talents in Europe and recently scored a brace against Man United in Como’s 4-1 Champions League win.
Any move for the attacking midfielder will have to wait until next summer, and United will likely face some serious competition.
Paz has been linked with almost every top club in Europe, while former club Real Madrid are said to have a £67 million buy-back clause included in the deal with Como.