The Red Devils tried to sign the England international last summer but failed to meet Borussia Dortmund's valuation.
However, according to a report by the Telegraph, Manchester United could still make a move this summer if BVB significantly lower their asking price.
United manager Ole Gunnar Solskajer has previously stated that the club are not in a position for big-money signings owing to the effects of the Covid-19 pandemic.
''The pandemic is definitely affecting everyone in football. Of course the lack of income, the finances have affected everyone," Solskjaer said.
“We have to be realistic and responsible in the way we do our business both on and off the pitch. There are improvements on the training ground, stadium - we have to look at the whole picture.''
Jadon Sancho has starred since joining Dortmund from Manchester City in August 2017. He has blossomed into one of the best young players in the world at Signal Iduna Park.
The 21-year-old has weighed in with 46 goals and 60 assists from just 136 matches for Dortmund in all competitions. This has led to interest in his signature across Europe.
The Bundesliga side have been adamant that their prized asset will only be allowed to leave if a nine-figure bid is received. However, their stance could change if the club fail to secure Champions League football.
Liverpool to emerge as potential rivals to Manchester United for Sancho's signature
Liverpool are facing up to the possibility of not playing Champions League football next season and this could represent a major blow to their hopes of keeping their best players.
Mo Salah has been linked with Real Madrid in the past and the Egypt international did not publicly rule out a move to the Santiago Bernabeu.
If the 28-year-old leaves Anfield, Jurgen Klopp could reportedly turn to Sancho as a potential replacement and the German could use his previous links with Dortmund to strengthen his cause.
It remains to be seen what the future holds for Jadon Sancho but another protracted transfer saga could be on the cards, with Manchester United and Liverpool involved this time.