Portuguese newspaper A Bola reports that Porto are ready to cash in on the midfielder in January.
The 26-year-old is nearing the end of his contract and have been linked with the likes of Juventus and Inter Milan over the summer.
United boss Moyes have joined the race and is ready to make a cut price move for the midfielder in January.
Fernando has yet to make his Brazil debut and is close to winning Portuguese citizenship.
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Chelsea have struggled to build momentum in the opening stages of the campaign and are currently looking over their shoulders at the relegation zone.
Who of Europe’s top strikers will move to England this summer?