The young Belgian winger has been demoted to the PSV B squad this season after refusing to consider new contract talks. His current deal expires in June.
El Mundo Deportivo says Bakkali was all set to join Atletico Madrid in the summer, only to pull out of talks after being contacted by Manchester United. Atletico had settled on a €2 million fee with PSV.
Should United boss Louis van Gaal remain keen, they will be able to secure Bakkali to a pre-contract from January 1 ahead of signing him on a Bosman in June.
"I have nothing against him, but I have a responsibility to the club and other players. He has not treated with respect PSV and that has consequences.
"Now the winter transfer option is the most obvious," PSV chief Marcel Brands recently remarked.
For the big stories and the banter follow us on Twitter: @tribalfootball