The Red Devils are thought to be in the market to sign a long-term replacement for Manchester United veteran Antonio Valencia.
The former Wigan Athletic winger has excelled at right-back over the past four or five seasons but Valencia will be 34 in August.
Earlier this week, the Sun reported that Manchester United were prepared to make an offer for the £40m-rated Crystal Palace defender.
Wan-Bissaka has made two assists in 27 games in the Premier League this season for Roy Hodgson’s side.
The England international has managed to progress through the youth ranks at Crystal Palace to break into the first-team over the past two seasons.
And former Manchester United winger Kanchelskis believes that Wan-Bissaka would be a great addition to the Red Devils team.
“Wan-Bissaka would be an excellent signing for Man United,” Kanchelskis told bWIN.
“Man United need someone with experience in England – and Wan-Bissaka has proven he is more than capable of handling the Premier League at Crystal Palace.
“There is going to be a lot of clubs trying to sign the full-back so Man United are going to have to act fast if they’re to secure him.”
Valencia is set to become a free agent in the summer when his current deals at Old Trafford expires.
However, Manchester United legend Kanchelskis would like to see Valencia handed an extension despite being in the twilight of his career.
“I can’t see why Man United aren’t offering to extent Valencia’s contract,” Kanchelskis added.
“He has been Mr. Reliable for them over the past few seasons and he deserves to be given an extension.
“Man United are playing a dangerous game with their full-back positions and have been for a while by playing converted wingers [Ashley] Young and Valencia in that position instead of signing an established quality player.”
Manchester United suffered a 2-0 loss to Arsenal in the Premier League at The Emirates on Sunday.
The Red Devils are in fifth place in the Premier League table and two points adrift of Arsenal, who occupy the final Champions League spot.
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