Toney, 28, has developed into one of the most sought-after Premier League strikers after excelling for the Bees over recent years, but he has just a year remaining on his contract.
Toney's form has also seen him come into the reckoning for England, with the forward playing a crucial role off the bench during Euro 2024 for the Three Lions.
The 28-year-old has been linked with the likes of Arsenal, Tottenham, West Ham, United and Chelsea in recent months, with Thomas Frank's side placing a £60million valuation on him after he expressed that he has no willingness to sign a new deal.
However, according to The Independent, this price tag, which has been reduced from the £100m they were after in January, has put several clubs off.
As a result, both Chelsea and United are believed to be willing to test Brentford's resolve by offering a loan deal with an obligation to buy.
It would be the perfect method to help Brentford earn a fee close to their valuation, while also allowing the buying club to comply with PSR rules.
The report goes on to claim how Chelsea are actively looking for goalscorers, following the collapse of Samu Omorodion's move from Atletico Madrid, while negotiations with Napoli's Victor Osimhen have hit a stumbling block surrounding the forward's wage demands.
The Blues are also in talks over a move for Atletico outcast Joao Felix, who enjoyed a loan spell at Stamford Bridge in the 2022-23 campaign.
In recent times, Arsenal had been seen as the most likely destination for Toney, before Mikel Arteta was left unconvinced by a variety of factors and decided to move on to other targets.
Meanwhile, United are said to be unwilling to go big on a forward like Toney at the age of 28, particularly after the addition of Joshua Zirkzee for £36.5m this summer, but a cost-effective deal could prove to be attractive.
Brentford have slapped a £60m price tag on Toney, who has so far refused to sign a new deal
Toney, who joined Brentford for an initial £5m in 2020, has scored 72 goals in 141 games for the Bees and helped the club gain promotion to the Premier League in 2021.
His progress was hampered by an eight-month ban he received for betting breaches in May 2023, but Toney returned to action in January 2024, netting four times in 17 games during the second half of last season.