Lingard has made just three appearances for Manchester United in the ongoing campaign and has been linked with a move away from the club this month.
Sheffield United are interested in the player, but the 28-year-old is not keen on a move to Bramall Lane to be part of a relegation scrap this season.
Nice have been in talks with the representatives of the winger and are expected to table a loan bid for him next week.
And according to Walfoot, the potential loan move agreement between the two clubs would not have an option to buy.
Nice are only likely to sign him on a simple loan deal this month and will not have the option to make the move permanent in the summer.
Manchester United extend Lingard’s contract by another year until 2022 in order to protect his value.
The Red Devils are believed to be preparing to sell the midfielder in the summer on a permanent deal.