The Sun says United are unwilling to meet the Foxes' eye-watering £90million valuation of the former Hull man - which would be a world record for a defender.
United are aware that Foxes boss Brendan Rodgers is a big fan of their midfielder Andrea Pereira, 23.
He tried to take him to Celtic during his spell in charge at Parkhead and may be tempted to have another go now.
United have discussed the idea of a new long-term deal for Pereira so would not want to lose him permanently.
They could offer a loan deal to the Foxes in the hope it would make a deal for Maguire easier to do.