The former Watford man has impressed in his cameo appearances since joining on loan from the Chinese Super League in January, scoring five times in five starts across 18 outings.
The 31-year-old was handed an extension to his deal by Ole Gunnar Solskjaer which lasts until January of 2021, but that could be cut short thanks to interest from another European giant.
Edinson Cavani, who has scored a record 200 goals for the club, has decided to find a new challenge ahead of the 2020/21 season, which is said to have put him in talks with Benfica.
Foot Mercato add that the affordable transfer fee makes Ighalo a better option than many, and that exchanges between the player’s representatives and sporting director of PSG Leonardo have already begun.
Ighalo found the back of the net against LASK before the force break in professional action, prompting his manager to hint at a permanent deal.
He said: "Odion has done really well since he came in and he’s enjoying himself.
"And he will improve and get better but he has qualities we saw in him and we needed and we will still need those qualities for next season, so let’s see what we will do.
"He’s a goalscorer and a striker, he doesn't worry too much about all that nonsense; build-up play - that’s a joke, obviously.
"He knows his job and what his role in the team is, and he’s very good with his back to goal, great link player, but maybe the best thing about him is his personality, so he’s got the whole lot really.
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"He had three touches before his fourth was the finish.
"All them touches were high quality but he had to make them to create space for himself.
"But the strike is on the half-volley, great timing, no one would have saved that one so anyone would have been proud of that finish."