United and Feyenoord have agreed a 13m plus add-ons for the Dutch left-back.
The Telegraph reports that ten Hag believes Malacia can usurp Shaw in the future.
Ten Hag is a massive fan of the 22-year-old, having watched him up close in the Eredivisie.
Malacia looked destined to join Lyon this week.
However, he shares the same agent as Frenkie De Jong, who is close to joining the Red Devils.
It is believed Malacia was brought up in negotiations and United are now likely to secure his signature.