Smalling thrived in Italy with Roma last season and looks set to leave Old Trafford, potentially on a permanent basis, this summer.
United boss Ole Gunnar Solskjaer wants to improve his attacking options and has been heavily linked with a move for Borussia Dortmund star Jadon Sancho.
Perisic is a name often linked with a transfer to the Red Devils though has never made the move to the Premier League.
Though FcInterNews claim the Serie A side could offer a swap to United should they lose Milan Skriniar.
PSG are reportedly interested in Skriniar and Smalling is seen as a replacement for the Slovakia international.
It’s reported that a deal involving Smalling and Perisic would help both United and Inter ‘technically and financially’.
Smalling had said he was keen to stay at Roma having played regularly for the Italian giants, though United boss Solskjaer insisted the defender still had something to offer the Red Devils.
“I think Chris has shown over his career at Man United how valuable he is for Man United,” Solskjaer said.
“This season was about him being a regular, going to Roma, showing and proving how good a centre-back he is. I wanted to give Harry (Maguire), Vic [Victor Lindelof], maybe Axel (Tuanzebe) a chance, so we found out that was the best for him to go to Roma, play for a year.”
While Perisic, who turned down a transfer to United in the past, previously refused to rule out a move to the Premier League, saying: “In football, you never say never.
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“From the beginning of my career, I’ve had the ambition to play in as many big leagues as possible, and I still have that desire to test myself in other leagues. And I mean in the Spanish or English leagues.
“I hope Inter fans understand my point of view. I’m an athlete and a professional, I like challenges and this is my driving force.
“What the future will bring, I don’t know. Now I’m focused on Inter, as we try to make a bigger step forward from last season.”