The talented young midfielder has been at the club since the age of nine and spent the last year on loan at Barnsley.
According to Daily Mail, after agreeing a deal for Ben Pearson, Preston manager Simon Grayson is pushing for another Manchester United midfielder.
Grayson is an admirer of Nick Powell and wants to sign the Manchester United midfielder on loan for the remainder of the season.
The report states that the likes of Nottingham Forest, Wolves and Brighton are also interested in the highly rated United central midfielder.