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Solskjaer missed out on his first major piece of silverware as United boss on Wednesday as his side were defeated by Villarreal in the Europa League final.
Despite the failure to win the Europa League trophy, United finished second in the Premier League and secured Champions League football for the new season.
And early reports have suggested that Solskjaer will be handed a new contract as the United board has promised him with four signings in the upcoming window.
The Guardian reports the United manager wants to reinforce his squad with the addition of a defender, midfielder, winger and striker.
Solskjaer has identified Pau Torres, Declan Rice, Jadon Sancho and Harry Kane as his 'preferred targets,' according to the newspaper.
United could splash more than a staggering £300m to land Solskjaer's targets as the Red Devils boss is keen to add much-needed depth to his squad.
United expect Borussia Dortmund star Jadon Sancho to be the 'most likely' transfer they can secure, while Tottenham striker Kane is seen as the 'most remote.'
Sancho was heavily linked with United last summer, but Dortmund remained firm on their whopping £108m price tag for the 21-year-old winger.
But the German club are expected to slash their transfer fee for the England international and would reportedly accept a bid in the region of £82m.
The 27-year-old England skipper, who won the Premier League Golden Boot for the third time, has been linked with a move to Old Trafford.
However, Premier League champions Manchester City are the leading favourites to sign Kane as club legend Sergio Aguero is set to leave in the summer.
West Ham would play hardball with the Red Devils over a deal for Rice, which could reach as much as a staggering £100m transfer fee.
Torres, who was previously linked with City, could reportedly be snapped up from Europa League champions Villarreal for around €30m.
According to The Guardian, United are also keeping tabs on Real Madrid centre-back Raphael Varane.
Varane's current deal with Los Blancos will expire in 2022 and the French World Cup winner is valued at around £60m.
United are currently closing in on a deal to bring Tom Heaton back to Old Trafford in the summer.
The 35-year-old former England international has been with Aston Villa since 2019 and his current contract with the club will expire next month.