Solskjaer is on the hunt for a right-back after allowing Antonio Valencia to leave Old Trafford when his contract expires at the end of the month.
The report notes that a previous bid closer to the £40m was rejected by Roy Hodgson's side, so it certainly seems as if they are not prepared to sell themselves short for one of their key players.More news: Motorcyclist killed by a bolt of lightning on I-95 in Florida
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"For Ole, I think the first thing he's got to do is try and build the squad", he said.
Last season, Wan-Bissaka played 35 times for the Eagles in the Premier League. United need a right back this summer.
Man City, of course, are the reigning Premier League champions, while Chelsea's hopes of signing the Crystal Palace star are now stifled by a transfer ban.
The 21-year-old hasn't yet played for the English senior team but did make his U-21 debut in late 2018, while a call-up to the senior team is on the horizon.
Manchester City - on the hunt for a challenger to Kyle Walker - are also interested.
Wan-Bissaka clocked 39 appearances for the Eagles over the course of the season.