The report claims that the Foxes tried to sign the exciting youngster on loan last January, but now the East Midlands club are seeking a permanent deal as they look to bolster their ranks ahead of the new season.
Pereira joined United in 2011 as a teenager, having impressed then boss Sir Alex Ferguson at the Manchester United Premier Cup with former side PSV Eindhoven.
Born in Belgium, the highly-rated midfielder has a Brazilian father and a mother of German descent but opted to represent Brazil at the 2015 FIFA U20 World Cup in New Zealand.
He has spent the past two seasons playing for United’s youth teams, but now at 20 he is arguably ready for Premier League action yet breaking in to Jose Mourinho’s side will be tough.
The Red Devils have plenty of competition for places in midfield, and the recent addition of Henrikh Mkhitaryan will only make it harder for Pereira to get game-time at Old Trafford.
Leicester are said to have been keen on the player for a while, yet their attempts to sign him on loan last January were seemingly rebuffed by then United boss Louis van Gaal.
The Foxes are arguably in need of extra midfielders as they look to compete both in the Premier League and the Champions League this coming season, and Pereira would give them decent cover.
However, the report goes on to say that United still see him as a valuable asset for the future, so they may not be so willing to let him leave on a permanent switch this summer.