I don't think so. If he was out of contract then I think we'd have heard more about it.
I don't know how I'd feel about getting him on loan.
I think we should only be loaning two types of players:
a) Players like Berbatov that play for top teams, but are no longer wanted.
Players on the up from foreign sides that WE would prefer to loan, before splashing money on, what could be, a flop.
Berbatov fits the first criteria, but he's one of those players that could change games for a team, but could also spend 3 weeks moping around on the pitch like a lost puppy.
I think I'd say buy him with Man Utd chipping in to compensate a wage drop or look for a different option (all hypothetically assuming we were even interested in him!)