The Telegraph says Farioli and Roberto de Zerbi, of Olympique Marseille, are both under consideration at United after the dismissal of Ruben Amorim last week.
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Farioli's contract at Porto carries a €15m buyout clause and runs to 2027.
Asked if there's been talks about an extension, he said: "No. Now the priority is to do well for the team. It's the first time in my short career that I feel I can build on something.
"Last year I felt it was impossible to manage the demands, but here we have a young team, a captain (Diogo Costa) who recently renewed his contract and is a top-notch leader and professional, and players from FC Porto B who can help... we're on the right path."