Ugarte, 24, made a 50-million-euro move from Paris Saint-Germain to Manchester United in 2024, but has failed to make a lasting impression with the Red Devils. The Uruguayan midfielder has started just seven games this season, whilst appearing in 16 across all competitions.
According to Voetbal International's Tim van Duijn, Ajax are targeting the holding midfielder in a bid to strengthen their midfield. The Amsterdam giants are in the market for a defensive midfielder after Jordan Henderson's departure over the summer, and Liverpool midfielder James McConnell's loan contract was terminated earlier this month.
Ugarte is reportedly interested in joining Ajax, with playing time on his mind ahead of the FIFA World Cup in five months.
Blind alternative
Another reported for Ajax is former fan favourite Daley Blind. The multifunctional 35-year-old currently plays for LaLiga side Girona, where his contract runs out after this season.
Blind played 333 games for Ajax and would serve as a mentor to younger players in the squad. The former Netherlands international would take up a coaching role at the Amsterdam club after his retirement.