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The 26-year-old Portuguese midfielder, who was acquired in a £47m deal last January, has already scored 22 times and registered 13 assists in 40 appearances this season.
But a Fernandes win for Player of the Year would see United shed out more money to Sporting CP as part of the adds-on included in the initial deal.
According to The Times, the Portuguese football club would secure £4.2m (€5m) from Fernandes being crowned Player of the Year.
The newspaper revealed that another add-on payment would include if Fernandes finished in the top three of the Ballon d'Or nominees.
United have already paid two £4.2m instalments to Sporting after two of Fernandes' add-on clauses were met.
One of them was when the Portugal international made his 25th start for United, while the other came when the Red Devils secured Champions League football last season.
However, The Times reports that United only need to pay one more bonus payment for the Portugal international as the add-ons are capped at £12.6m (€15m).
United legend Paul Scholes believes that Fernandes "should be right in the mix" for the Player of the Year award, but he revealed why he doesn't think the former Sporting star should win.
Arsenal hero Paul Merson is in the same camp as Scholes, saying that Manchester City centre-back Ruben Dias should beat Portugal teammate Fernandes to the award.
Micah Richards, on the other hand, has thrown his full support behind Fernandes to be named Player of the Year as he called him the "outstanding footballer of [the] 2020-21 [season]."
Featured Image Credit: PA
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