The youngster, who can operate both in defence and midfield, currently plies his trade in his homeland with Liverpool of Montevideo.
And the teenager is attracting interest from a host of European clubs, who are flocking to the South American U20 Championship in Chile, to see him in action.
As well as United and Liverpool, Arsenal, Chelsea and Championship promotion hopefuls Norwich City are all also watching Acevedo.
And they are joined by Italian side Udinese, who have scouted the competition to great effect in previous years.
Acevedo has already featured in Uruguay's two matches so far, both times operating at the base of midfield.