Rashford, 18, was playing academy football at the start of the season but he has shone since being given his chance at Old Trafford.
The youngster scored eight goals in total for Man United despite only making his debut in February and he played a key role in the team’s FA Cup final victory.
He has also now impressed on the international stage, scoring just 138 seconds into his first senior international game for England, against Australia on Friday, to become his country’s youngest debutant goalscorer.
Roy Hodgson is expected to name Rashford in his final 23-man squad for Euro 2016 this summer, a move which would emphasise just how high he has risen in a remarkably short space of time.
United have been negotiations with Rashford’s representatives for a number of weeks and they are expected to announce the player’s new deal before the Euros kick off on June 10.
Rashford will enjoy a significant rise in his base salary, but appearance bonuses and other performance related incentives will likely see the youngster earn more than that.