Palmer has been a revelation since being sold by Manchester City to Chelsea two years ago.
However, Meulensteen says the England ace is United mad and the Dutchman believes Palmer can be tempted to Old Trafford in the future.
In conversation with Grosvenor Sport, Meulensteen said: "It’s almost a public secret that Cole Palmer is a Manchester United fan.
"What surprised me is how he slipped through the fingers of United with him being at Manchester City and then getting his chance at Chelsea.
"He is a player that can make a difference, could he play for United in the future? Yeah, I can’t see why not.
"Obviously he’s got a long-term contract with Chelsea, but sometimes things don’t work out and players and clubs fall out, then United would be interested and it could be a really good destination for him.
"He is a United fan after all and he is a player that would bring United back to a higher level."