Telles is in talks with United over a deal worth £88,000-a-week, says A Bola.
At a fee of around £18.3m, Telles would cost around £5m less than Spurs-bound Sergio Reguilon.
And he would not come with the buy-back clause Real Madrid were insisting on with the Spaniard.
He also spent a season on loan at Inter in 2015-16, but the Serie A side decided not to turn that into a permanent deal.
Attacking full-back and wing-back Telles had 13 goals and 12 assists last season.