But Hans-Joachim Watzke has warned United and other interested parties that Dortmund will not be forced into a cut-price sale due to the coronavirus pandemic.
United are understood to lead the race for Sancho, who was made a priority target by the Old Trafford hierarchy this time last year.
Sancho himself is thought to be keen on returning to English football, having swapped Manchester City for Dortmund in 2017 without making a senior appearance.
Dortmund have been open to the possibility of selling the 20-year-old since late last year and Watzke will not stand in the player’s way if he desires to go.
“You always have to respect what the player wants,” Watzke told Bild, while stressing that any deal will be done on Dortmund’s terms.
“We said before coronavirus that our favourite idea is that Jadon will stay with us,” Watzke added.
“I can say that even the very rich clubs, despite the existing crisis, don’t believe they can go on a bargain tour with us. We don’t have to sell anyone below value.”
Dortmund are expected to demand a fee of around £100m for Sancho, who only signed a new contract at Signal Iduna Park in August.
As part of Sancho’s £8m sale to Dortmund, City have a first refusal clause on the England international and are able to match any offer that is accepted.