The Uruguayan teenager re-joined the La Liga side on loan in the summer transfer window, having initially moved there at the start of last year, but has struggled for regular playing time.
Pellistri, 20, has only featured in 679 minutes of football across 19 appearances all season, with most of his outings coming from the bench.
Alaves changed managers last month when José Luis Mendilibar replaced Javier Calleja with Pellistri so far only managing five minutes under his new boss.
It is still unclear where the youngster stands in the new plans at Alaves, but United do have an option to recall him this month as part of a clause in his loan agreement, which stated they could terminate the deal early if he had not played 1,000 minutes before the start of December.
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