The Florida-based Glazer family is looking to raise up to 600 million pounds by selling 25 to 30 per cent of the club via an initial public offering that would value it at up to 2 billion pounds ($3.2 billion), the newspaper said.
A spokesman for Manchester United said, "We don't comment on this sort of speculation".
Manchester United had eyed a $1 billion flotation in Singapore last year but shelved it due to market volatility, a source close to the IPO told Reuters in September.
In recent months, bankers have told Reuters they expect the deal to be revived this year.
In response, Manchester United Supporters Trust (MUST) chief executive, Duncan Drasdo, said: "Until we have more detail it is impossible to say with certainty what this will mean for Manchester United or its supporters."
"However if they are coming back with the same sort of inflated valuation and the same sort of proposal including non-voting shares then they should expect the same negative response from the market as last time," he added.
"It is quite possible that shares will not be available to ordinary supporters and that MUST will have to provide a mechanism for supporters to buy shares," he cautioned.
He expressed hope that at least a million Manchester United supporters will share in the ownership of the club.
Supporters can register for free through www.joinmust.org for information.
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