The 18-year-old was linked with a departure last summer, but Rennes made it clear that the midfielder would stay for one more season.
Madrid and United are likely to make formal bids this summer, and Marca claims that the Gunners are also in the running to sign him.
Rennes are prepared to cash in on Camavinga due to their financial concerns, and the youngster could be sold for around £35m.
The club qualified for the Champions League for the first time in their history last term, before bowing out in the group stage.
The current campaign has been a tough one for them, and they are lying in the eighth spot, 17 points adrift of the top three.
Camavinga will want the assurance of Champions League football next term, and the Gunners are not in a position to offer him.
They are 10 points adrift of the top four in the Premier League and may need to win the Europa League to qualify for the competition.
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