The Argentina international has been in fantastic form this season at the Mestalla, with The Mirror claiming he is set for a new deal.
The Old Trafford club were said to be interested in the Argentine during his Porto days, while reported interest has resurfaced recently while the South American has been starring at Valencia this season.
The report suggests that Los Che are ready to increase his wages to £70,000 per week, which would be double his current salary.
The new contract would also contain a whopping £60 million release clause, which would surely help the Mestalla side keep hold of their powerful defender.
Otamendi has started 19 games for Nuno’s men this season and has been an essential part of the side that is chasing European qualification this term.
The South American recently put in a man-of-the-match performance against European champions Real Madrid, heading in the winner in a 2-1 home victory last month.