Following seven years in Italy, Leao recently confirmed he wanted a "new challenge", opening the door to a summer transfer exit.
Leao has been complimentary of Man United in the past, and with his asking price being at a reported £43 million, INEOS could move swiftly to snap up the 26-year-old.
Arguably one of the best wingers in Europe, the Portuguese international has produced 145 goal involvements in 291 appearances for the Serie A giants.
A move to Old Trafford would be endorsed by international teammate Bruno Fernandes, who labelled Leao an "enormous talent" after playing alongside him at Sporting Lisbon.
"I met him as a kid at Sporting Lisbon, he came up to the first team with me," Fernandes said in 2025. "He is a boy with an enormous talent that we all hope will become stronger every time because we know how much talent he has. He has had his moments, but I still believe that he is a phenomenal player who can give us something more."
Portugal will hope to win the 2026 World Cup in North America, inspired by the brilliance of the attacking duo, before Leao potentially joins United this summer.