West Bromwich Albion are considering their options to land transfer target Matt Phillips from QPR.
Another option is a straight cash £7.5 million bid, but the paper claim they are balancing this against a player plus cash deal.
McManaman has made only two Premier League starts this season for West Brom, making a further nine substitute appearances.
The 24-year-old signed for West Brom from Wigan Athletic 12 months ago, with The BBC reporting the fee at £4.75 million.
They would not want to take much of a loss on him, if at all, in terms of their valuation - meaning they could effectively halve, at least, the fee required for Phillips.
McManaman is best known for his starring role in the 2013 FA Cup Final, helping Wigan beat Manchester City.
The Mail reported this week QPR are open to selling Phillips if they receive a fee they deem to be acceptable.