United recruitment staff have already completed extensive background work on Fernandes and regard him as a realistic target in the aftermath of West Ham's relegation.
The 21-year-old is highly regarded internally, with decision-makers believing his development trajectory could eventually mirror that of Declan Rice.
West Ham, however, have placed a significant price tag on the Portuguese midfielder, valuing him at around 80 million pounds.
Despite renewed interest from several clubs, they are under no pressure to sanction a sale and are also open to retaining him as part of a push for immediate promotion back to the Premier League.
Fernandes was signed from Portugal last summer for an initial £38 million and quickly established himself as a key figure.
Across the campaign, he registered 42 appearances in all competitions, including 36 in the Premier League, contributing five goals and five assists under manager Nuno Espírito Santo.
Arsenal and Paris Saint-Germain are also monitoring the situation, although no formal bids or direct contact between Manchester United and West Ham have been made to date.
West Ham are currently waiting for concrete proposals, with any departure dependent on their valuation being met in full.