Casemiro, 34, revealed he would leave Old Trafford as a free agent once his contract expires at the end of the season.
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According to Fabrizio Romano, Ugarte, 24, will also leave as the club to free up funds for new signings.
It’s been widely reported that Man United are planning a major overhaul of their midfield this summer, with Carlos Baleba, Adam Wharton, and Elliot Anderson all targets.
Ugarte has struggled to adapt to English football since joining from PSG in 2024 and has started just seven of his 18 Premier League games this season.