Under the plans, an initial tranche of approximately $10m (£7.4m) of special shares would be issued and reserved for Man Utd fans, Sky News understands.
According to Sky News, the club and the Manchester United Supporters Trust (MUST) are at an advanced stage of talks about the initiative.
Under the plans, which remain subject to change, the New York Stock Exchange-listed company would issue an initial tranche of shares to be owned by supporters.
The B-shares – and therefore the new fan shares – carry 10 times the voting rights as the ordinary A-shares held by most investors.
One source said the initial tranche issued under the scheme could be in the region of $10m (£7.4m), although the number has yet to be finalised.