United are on the verge of completing a deal for the Feyenoord left-back after launching a late bid for the 22-year-old on Monday night.
Lyon have also agreed a fee with Feyenoord but the Netherlands international has informed the Ligue 1 side he wants to join Erik ten Hag’s side with talks over personal terms progressing well.
United are now expected to wrap up their first signing of the Ten Hag era in the coming days.
Malacia is expected to compete with Luke Shaw for a first-team role next season with The Times reporting Telles and Williams will be moved on as a result.
Telles joined United from Porto in 2020 for a reported fee of £15m, with the club ready to listen to offers for the 29-year-old.
Academy product Williams, 21, is also set to leave with United considering loan and permanent offers for the player who spent last season with Norwich City.
Malacia’s arrival could also see academy star Fernandez look elsewhere for first-team opportunities.
The former Real Madrid youngster will be given the chance to impress ten Hag on the upcoming pre-season tour but the Manchester Evening News report a loan could be on the cards following a new arrival at left-back.
Fernandez was named United’s Under-23 Player of the Year last term was included in the senior squad four times under Ralf Rangnick towards the end of the campaign.
The report adds there is already interest from Championship sides in the 19-year-old.
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