United held talks with Sporting officials regarding Fernandes on Friday and the player is open to moving to Old Trafford.
But The Independent understands that some distance remains between the two parties and United are one of several possibilities for the 25-year-old.
When asked about interest in Fernandes, Solskjaer said: “I’ve got no transfer updates. If we get something that we can tell you about we will but I’ve got no news now.”
Deloitte’s annual Football Money League report was released on Tuesday morning, revealing that United still generate more revenue than any other English club.
But the report claims United’s earning power is under threat due in part to the failure to qualify for the Champions League last season.
The news comes following protests against the Glazer ownership inside Old Trafford during Saturday’s 4-0 win over Norwich City.
Solskjaer, however, believes United remain well-placed to compete financially and challenge for players in the transfer market.
“For me, the most important thing is we get results sorted, get performances on the pitch,” he said.
“That’s got to be my focus but I know we’ve got the resources, we’ve got the backing if we need to go into the transfer market. We are still up there, so still in a good place.”