The Croatian ace has been one of the Bundesliga side’s top performers for some time, but his future at the Allianz Arena has been thrown into doubt with Robert Lewandowski’s arrival at the end of the season having been confirmed.
The Borussia Dortmund star is set to join the German champions once his contract expires in six months’ time, and is likely to become the focal point of their attack.
As a result Mandzukic is set to be pushed to a peripheral role, which has alerted United and Arsenal.
The Premier League pair are both keen to offer the 27-year-old a possible escape route, and are set to monitor his situation closely between now and the next transfer window.
Bayern are hopeful of keeping Mandzukic, but it remains unclear as to whether of not the man who has hit 12 goals this term will be willing to accept a diluted role.
Arsenal and United are both said to be chasing a new striker, and are believed to be willing to wait for the ex-Wolfsburg man to be available.