The 18-year-old remained at Roazhon Park for the 2020-21 campaign, despite strong links with Madrid and United last summer.
Both teams are believed to remain interested in Camavinga, who became the youngest player to represent France for 106 years in September's win over Croatia.
According to Spanish outlet Marca, Arsenal may also now be in the running to sign the 18-year-old at the end of the season.
The report also suggests that Rennes will be more open to cashing in on Camavinga this year compared to 12 months ago for financial reasons.
Les Rennais have struggled for consistency in Ligue 1 this term and look set to miss out on European football in 2021-22, forcing them to raise funds through player sales.