The midfielder’s £23.5 million buy-out fee expires on August 14.
Manchester United and Arsenal have until the 14th August to activate Maurone Fellaini’s buy-out clause before it expires, the Daily Mirror reports.
After the 14th August, Everton would more than likely demand more than £30 million for the Belgian midfielder, an amount both United and Arsenal are unlikely to pay.
Former Everton manager David Moyes is aware of the deadline having demanded it when Fellaini signed a contract extension in 2011.
The Scot wanted to make sure that Everton were not in a similar position to which they found themselves in when Joleon Lescott moved to Manchester City.
Now Manchester United manager, Moyes must now decide whether to activate Fellaini’s clause as he searches for a quality midfielder to strengthen United’s midfield.
The Red Devils are interested in Barcelona midfielder Thiago Alcantara but could miss out on the Spaniard to Bayern Munich meaning Moyes may turn his attentions to Fellaini.
Arsenal are also interested in the Belgian midfielder, with Arsene Wenger also looking to re-enforce his midfield this summer.
The Gunners reportedly have the biggest transfer budget in their history to spend this summer and speculation has mounted that Wenger could use a large part of it on Fellaini.