The 29-year-old moved to the Red Devils from Porto in October 2020, and he has made 49 appearances for his current side in all competitions, contributing one goal and eight assists in the process.
However, the Brazil international has been more of a regular this term, making 25 outings in all competitions, and he will play his 21st Premier League game of the season against Crystal Palace on Sunday.
Telles still has more than two years left to run on his contract at Old Trafford, with the option to extend the agreement by a further 12 months.
However, there has recently been speculation surrounding the South American's future, as incoming head coach Erik ten Hag is preparing to make big changes this summer.
According to Correio da Manha, Porto could attempt to bring the defender back to the club in the upcoming market if Man United signal that they are open to a sale.
Telles moved to Porto from Galatasaray in 2016 and enjoyed a successful period with the Portuguese giants, winning two league titles and the Taca de Portugal in 2019-20.
The left-back featured on 195 occasions for the Blue and Whites in all competitions, contributing 26 goals and 57 assists in the process.
Man United are believed to have paid in the region of £15.4m to sign Telles in October 2020, although it is unclear how much Porto would be willing to spend to bring him back.
Shaw has been Telles's left-back rival over the last couple of years, but the 26-year-old has had a frustrating 2021-22 campaign due to injury.
The England international will end the season with 27 appearances to his name, with his last outing for the club coming against Leicester City at the start of April.
Shaw has recently been back in training for the 20-time English champions, having made huge steps in his recovery from a minor leg operation that took place last month.
However, the left-back is not involved in Sunday's Premier League clash with Palace, as his partner gave birth to their second child on Friday.
Man United are also planning to sign a new central defender during this summer's transfer window, with Eric Bailly and Phil Jones potentially both leaving the club ahead of next season. body check tags ::