Manchester United were linked with a double raid of the Portuguese club for Semedo and his team-mate Victor Lindelof during the January transfer window.
But both players remained at the club with only Goncalo Guedes allowed to leave and join Paris Saint Germain.
Nelson Semedo is reportedly on his way to Manchester United
But Portuguese outlet Notícias ao Minuto say Benfica have agreed to sell Semedo in the summer.
It is claimed United will pay around £35million for the 23-year-old.
Nelson Semedo will provide competition for Antonio Valencia
Chelsea had also been credited with an interest in Semedo, who has become a regular in the first-team since his breakthrough in 2015.
This season he's 29 appearances in all competitions.
Should Semedo join in the summer, he will challenge Antonio Valencia to be United's first-choice right-back.