The 22-year-old has had to compete for a place with Marcus Rashford on the left flank.
And gametime has been harder to come by following the long-awaited arrival of Alexis Sanchez from Arsenal last month.
But despite positive talks, RMC reported yesterday that United chiefs have failed to approach him with an offer of an extension.
The lack of transparency has caused Martial to seriously consider his future at the club.
And according to information gathered, Real Madrid are closely monitoring the situation.
Club president Florentino Perez is desperate to improve his squad this summer following a miserable season.
The signing of Martial could be the catalyst for a major shake-up at the Bernabeu, with star forwards Cristiano Ronaldo, Gareth Bale and Karim Benzema all linked with exits.
The La Liga giants have also been linked with stunning moves for Eden Hazard, Harry Kane, Robert Lewandowski and PSG superstar Neymar.
Jose Mourinho will be keen to keep hold of Anthony Martial as he looks to keep up with fierce rivals Manchester City next season.
United are currently second in the Premier League, 16 points behind their neighbors.
They return to action tomorrow as they welcome Chelsea to Old Trafford.
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