The 30-year-old reportedly turned down the chance to join Saudi Pro League club Al-Hilal earlier in the summer, preferring to remain at Old Trafford.
Fernandes remains a key figure for Ruben Amorim, and it’s understood the attacking midfielder is keen on helping United return to the summit of English football.
According to a report from the Sun, Al-Ittihad will test that resolve once again and would be willing to offer Fernandes a staggering £33 million per-year deal.
In June, Fernandes said: "I have always been honest. I've always said I will be here until the club says to me that it's time to go.
“I'm eager to do more, to be able to bring the club the great days. In the day that the club thinks that I'm too much or it's time to part ways, football is like this, you never know it."