The Premier League giants have been recommended the 20-year-old by his agent Eduardo Hernandez, who also represents Old Trafford star Javier Hernandez.
It is believed that he is in talks with Spanish outfit Real Oviedo, but United are willing to rival their interest.
Given the choice Damm would likely jump at the opportunity to represent the English club, meaning a deal should be reached easily.
One stumbling block remains the fee demanded by Estudientes, who are reportedly holding out for £2m.
Sir Alex Ferguson is said to value the wideman at nearer the £500,000 mark, given his relative lack of experience.
However, the Central American side may drop their demands if it is agreed that Damm could return to the club on loan for the rest of the season.
Fergie has been so impressed with the impact of Hernandez, that he is willing to take the word of his agent to make a move before rival clubs become aware of his availability and drive up his price.
Talks are expected to resume next week and an agreement could be reached before the end of the month.