Rashford has scored 12 goals and provided 13 assists for the Catalan side this season and has enjoyed a renaissance at the club after a difficult end to his time at United.
He also earned an England recall and is in contention for a place in Thomas Tuchel's World Cup squad, a situation he is eager to resolve before the tournament begins.
Barcelona had the option to sign Rashford permanently for £26 million but failed in an attempt to renegotiate the fee with United, who have held firm. United are now considering whether to grant another loan or insist on a sale, reports the Mirror.
The purchase clause expires on 15 June — four days after the World Cup kicks off — and both clubs are expected to resume talks at the end of the season.
A second loan carries complications. If United qualify for next season's Champions League, which appears likely given their current standing in third place, Rashford's wages will rise to £315,000 per week.
Barcelona have been covering his current salary in full and would need to continue doing so under any new arrangement — a significant ask given the club's well-documented financial constraints.
United are keen to cut their wage bill and are reluctant to take Rashford back. Casemiro and Jadon Sancho are among other high earners set to leave this summer.
Whether a second loan can be structured to satisfy both clubs' financial needs will determine how Rashford's situation is resolved.