Lyon have agreed a €15 million fee with Feyenoord for Malacia but sources have told ESPN that United have now also had a similar offer accepted.
Erik ten Hag looked at Malacia, who has been capped five times by the Netherlands, while in charge at Ajax and has stepped up his interest after taking the job at Old Trafford.
Sources have told ESPN that United are willing to listen to offers for Telles, who arrived from Porto in 2020.
Shaw missed the final two months of last season through injury but was back in training at Carrington on Monday as Ten Hag took charge of his first session as United boss.
Telles is one of a number of defenders available for transfer this summer. Sources have told ESPN that United will also consider offers for Eric Bailly, Aaron Wan-Bissaka, Phil Jones and Axel Tuanzebe.
Diogo Dalot, the Portuguese full-back who can play at both right-back and left-back, is set to stay.