Ugarte joined United in a deal worth up to £50.5m from Paris-Saint Germain in August 2024.
But the ball-winning Uruguayan hasn't lived up to expectations since moving to Old Trafford, and as a result, has seen his game time restricted under Michael Carrick.
The 25-year-old has only started eight games in the Premier League, and only once since Carrick replaced Ruben Amorim in January.
It appears that Ugarte's future lies elsewhere, and according to transfer guru Florian Plettenberg, the combative midfielder is 'planning a transfer'.
United's No. 25 did hold talks with Galatasaray last summer but a move didn't happen, and now Plettenberg has claimed that he has 'many options' ahead of the window.
Ugarte's potential exit, alongside Casemiro's pending departure, will kick start Man United's midfield overhaul and the Uruguayan may have already played his final game for the club.
Carrick has left him on the bench in the last three matches, and rumours linking him with a move away will only increase that possibility.