The pair impressed during preseason and coaching staff are weighing up their next move.
The Manchester Evening News says Savage is the more likely of the duo to leave on loan this summer, with Iqbal currently viewed ahead of him in the midfield pecking order.
The 19-year-old pair have both received interest from League One and Championship sides, but any successful loan offer would require a clear development plan in which they would gain regular playing time.
United are aware that both youngsters need to be gradually exposed to a first-team environment in order to aid their development, but they could yet to decide that United is the best place for them to get that experience.
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