United had the chance to sign the highly rated youngster when he left Leeds United in 2011 but a move to Spain followed for the English defender.
Kebbie can play at right back, centre back or in midfield and is reportedly keen on returning to England this summer.
With Atletico looking as if they will sell star man Radamel Falcao this summer they are set to bid for United striker Javier Herndandez so Sir Alex could use Kebbie as part of that deal taking the Mexican striker to the Spanish capital.
Ferguson wants to add a number of youngsters to his squad to replace the likes of Ryan Giggs, Paul Scholes, Rio Ferdinand and Patrice Evra who may not be first choice for much longer.
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