The club is currently the focus of acquisition interest from US businessman Malcolm Glazer, owner of the NFL’s Tampa Bay Buccaneers.
The report says United's advisers, Cazenove, have raised the idea of a share buyback or special dividend with chairman Roy Gardner and chief executive David Gill.
The Sunday Times report said the return of cash to investors was controversial because it would increase United's gearing at a time when the club has attacked Glazer's proposal as one that would load the club with up to £300million in debt.
The Sunday Telegraph reported that Glazer's son, Joel, will travel to Britain from Florida in the next 10 days to launch a lobbying effort to win over opponents of the deal.
Glazer has had two earlier offers for the club rebuffed as he builds up his stake, but still needs to win the support of United's biggest investors, Irish racehorse magnates John Magnier and J.P. McManus, who own 28.8 per cent of the club.
