The Fiorentina forward impressed during his country's World Cup campaign, which saw them reach the quarter-finals before being beaten by Brazil.
Reports in Spain suggest that Barcelona and United are set to battle it out for Cuadrado's signature should the Italian side decide to sell.
Louis van Gaal's side are rumoured to have firmed up their interest since the World Cup amid reports the 27-year-old is uncertain of his future in Italy.
Speaking shortly after the summer tournament, Cuadrado said: 'I don’t know yet what will happen.
'At this moment I haven’t received any concrete offers from any club.
Sport report that United have presented the £27.7m offer while the player's agent has also revealed interest from Barcelona.
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