However, a huge bid could be difficult for them to turn down given their history of selling players to the best clubs in Europe.
Sancho has a Bundesliga-high 13 assists this season and has scored another 10 goals in a stunning season.
The 19-year-old has also become a regular for England and could yet lead Dortmund to their first league title sine 2012 before leaving.
Chief executive Michael Zorc has previously moved to ward off any potential suitors.
Manchester City are reportedly keen to rival Manchester United for Jadon Sancho (Image: GETTY)
"He's an outstanding talent and a big part of our future," Zorc said in January.
"We are convinced that we are the best option for him to keep developing. He's not finished yet. Not by a long stretch. And he will certainly play with us next year, come what may."
Despite Zorc’s comments, new reports from the Manchester Evening News claim Sancho is determined to return to England.
However, the player himself insisted he was happy in Germany when quizzed earlier this year.
Sancho has more assists than any player in the Bundesliga this season (Image: GETTY)
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Ole Gunnar Solskjaer is looking to overhaul his United squad in the summer (Image: GETTY)
"I just want to play football and I’m getting that opportunity here, I’m happy right now." he said.
“[The language barrier] worried me quite a lot, but when I came and everyone started speaking English I got more comfortable,”
“My German isn’t the best but I’m learning, I have to learn. I’ve adapted really well.
"Obviously, when I first came it was a bit difficult because I’m not around the corner from my house. But my family have helped me with that – and the club also."