United are keen to bring Cavani to Old Trafford as a replacement for Fenerbahce-bound Robin van Persie.
While centre-half Otamendi is wanted by Louis van Gaal after target Mats Hummels decided to remain at Borussia Dortmund.
United have agreed a fee to sign Nicolas Gaitan from Benfica, according to the Metro.
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Manchester United want to sign Nicolas Otamendi
The Red Devils have been repeated linked with Gaitan over the past two years.
And with Angel Di Maria expected to leave this summer, Van Gaal is keen to replace the record signing with the Benfica ace.
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A reported fee of £21.5m has been agreed to bring Gaitan to the Premier League.
Di Maria's move to Paris Saint-Germain is said to be imminent, according to reports in France.
While negotiations between the two sides are ongoing, the Argentina international's transfer to the Parc des Princes is believed close and he could arrive at the club in the coming days.