The 22-year-old American-born Italian international made just five league appearances for the Red Devils before moving to Spain in 2007, where he has been a revelation in la Liga, bagging 23 goals in 57 league outings.
And the diminutive front-man also recently starred for the Azzurri at the Confederations Cup in South Africa, netting twice against the United States.
His impressive form is reportedly interesting Serie A big-hitters Juventus, who are believed to be weighing up a move for the striker.
However, with the Premier League champions losing forward duo Cristiano Ronaldo and Carlos Tevez's services this summer, Ferguson is thought to be mulling over a surprise move to bring Rossi back to English shores.
Rossi is thought to have a clause in his Villarreal contract giving United first option on buying back the Italian for a fee in the region of £15 million.
Lyon talisman Karim Benzema and Valencia marksman David Villa - who have also been linked with the Old Trafford outfit - are likely to cost double that amount.
“He has a complicated situation," Rossi's agent Federico Pastorello told Radio Kiss Kiss.
"But without a shadow of a doubt he is a player who, the moment an offer from a great club should come in, would certainly answer 'yes'.”
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