The Brazilian centre-back played a key role for the Rojiblancos last term as they won the La Liga title and made it all the way to the Champions League Final in a momentous campaign.
But his presence at the Vicente Calderon is no longer as craved, with young defender Jose Maria Gimenez having emerged this term alongside club hero Diego Godin.
The pair have developed a solid relationship, leading to suggestions Miranda could be sold.
This has alerted Louis van Gaal, who is keen to land a new centre-back after spending the majority of his summer budget on more attacking players.
A £20m move is being mooted, with the 30-year-old now in the last 18 months of his Atleti contract.