The 27-year-old has been a standout player for the Red Devils since arriving from Sporting Lisbon in January 2020, contributing 44 goals and providing 26 assists in 85 appearances.
Fernandes has also started the new campaign in excellent form, scoring four times and providing one assist in five appearances in all competitions.
The Portugal international still has four years left to run on his contract at Old Trafford, but the club have been in talks with the attacker over a new deal for some time.
According to The Sun, the attacker is now on the verge of penning a new contract worth in the region of £250,000 a week, which is likely to run until June 2026.
The report claims that Man United's summer activity convinced the Portuguese to commit his future to the club, with close friend Cristiano Ronaldo among those to arrive.
Fernandes's new deal with the 20-time English champions, who are back in Premier League action away to West Ham United on Sunday, could be announced 'within the next few weeks'. body check tags ::