The 18-year-old attacking midfielder has made 14 league appearances for the Spanish outfit, but has shot into the spotlight in recent weeks after scoring a stunning brace to defeat Sevilla at the Ramon Sanchez Pizjuan.
Real Madrid, Barcelona, Arsenal and Chelsea have already been linked with the teen sensation, who has already played for his country at U16, U17, U18 and U19 levels - featuring six times for the latter.
And, according to the Manchester Evening News, the Red Devils have joined the list of potential suitors for the starlet.
The report claims that United's European scout Martin Ferguson - brother of Sir Alex Ferguson - was in Spain last weekend to witness Canales net Santander's equaliser in a 1-1 draw at Real Valladolid.
Real Madrid remain the favourites to land the youngster's signature at the end of the season, although Arsenal were thought to be mulling a move for the forward in January with Gunners' boss Arsene Wenger in need of a reinforcements following the losses of Robin van Persie and Nicklas Bendtner through injury.
However, speaking ahead of Arsenal's 2-0 win against Bolton Wanderers on Sunday, Wenger insisted that he was not considering a swoop for Canales.
While the player himself has pledged his allegiance to Racing for the remainder of the campaign.
“Right now my preference is for Racing," he said.
"They are the ones who have given me the confidence to play and make my debut at 18-years-old.
"Without ruling out anything, in the situation that I am in, I’m happy here.”
