Borussia Dortmund are interested in signing Manchester United winger Jadon Sancho.
It is thought initial talks have taken place over a loan deal until the end of the season, which would see Sancho return to the Bundesliga club.
Man Utd signed Sancho from Dortmund in the summer of 2021 in a deal worth £73m.
- Man Utd transfer news and rumours
- Transfer Centre LIVE! | Paper Talk
- Stream Sky Sports on NOW | Get Sky Sports
The England international's contract at Old Trafford is up in 2026, with United holding the option to extend for a further year.
Sancho has not played for United since a 3-2 win over Nottingham Forest at Old Trafford on August 26, after a public falling out with boss Erik ten Hag following his criticisms of the forward's performances in training.
Since the 23-year-old took to social media to hit out at Ten Hag's allegations he has been training away from the first-team and has not been picked in a single matchday squad since.
United have been open to offers for the winger with no resolution to the stand-off in sight, and now he could be set for a return to Dortmund.
However, INEOS owner Sir Jim Ratcliffe, who has acquired 25 per cent of Manchester United and taken control of football operations, has to be consulted on all transfer decisions this month.
Sancho move works for all parties
Sky Sports News' Dharmesh Sheth on Transfer Show:
"What will be under discussion right now will be a loan fee potentially and the salary situation because he's on big wages. Can Borussia Dortmund afford to pay the full wages of Jadon Sancho? Or will they hope that United can help them out and pay a portion of those wages as well?
"This could be a move that could work for everyone, though. Erik ten Hag obviously has fallen out with the player, so he will have a player that he's fallen out with no longer in the squad for the rest of the season.
"Jadon Sancho's not getting a sniff of any first-team action, let alone first-team training so he could potentially get first-team football.
"If he was to go to Dortmund for six months, plays well and comes back to Manchester United then his market value will probably be a lot higher than it is as it stands right now. Or maybe - and it's a long shot - he comes back to United after those six months and maybe reintegrates into the Manchester United squad.
"But as it stands, there's still plenty of work to be done on this deal, but Borussia Dortmund are now interested and are in talks with Manchester United over Jadon Sancho.
"When INEOS announced that 25 per cent investment, which is still to be ratified of course by the Premier League, they have to be consulted about any movements in and out of Manchester United and we're told that that is the case and they have been consulted about this deal."
Man Utd's new ruthless contract approach and what it might mean for Sancho
In December, Sky Sports News senior reporter Melissa Reddy reported that Manchester United were willing to implement a more ruthless approach to their process over player contracts in a bid to prioritise the right culture and recruitment strategy over business interests.
Sky Sports News understands this will form part of the directive to strengthen football operations under INEOS.
United would be more willing to terminate contracts if it is for the greater good, and discussions to this effect have taken place over the Sancho situation.
If an exit route does not materialise for Sancho, United will consider severing ties instead of trying to recoup some of their £73m outlay.
As revealed by Sky Sports News in October, clubs in Serie A, Bundesliga and the Turkish Super Lig have done due diligence on Sancho, with his wage packet being an obstacle.
Dortmund make Maatsen loan approach
Meanwhile, Borussia Dortmund have made an approach to sign Chelsea's Ian Maatsen on an initial loan.
Sky Sports News understands the left-back is one of several players the club will listen to offers for this month.
Chelsea would rather sell him outright than loan him, however, so the idea of a loan must contain an obligation to buy him.
According to Sky Germany, he is valued around £26m (€30m).
Maatsen has also been of long-term interest to Burnley, who had him on loan during their promotion season, and they want to sign a left-back this month.
Follow the January transfer window
The winter transfer window is now open and will close at 11pm in England and midnight in Scotland on Thursday 1 February, 2024.
To ensure harmonisation with the major leagues in Europe, the closing dates were set following discussions with the EFL, DFL, Serie A, LaLiga, and LFP, who will all close their summer and winter windows on 1 September and 1 February respectively.
Keep up to date with all the latest transfer news and rumours in our dedicated Transfer Centre blog on Sky Sports' digital platforms, while you can also catch up with the ins, outs and analysis on Sky Sports News, including daily transfer shows, and listen to our Transfer Talk podcast.