Sanchez joined United from Arsenal last January but has scored just three goals in 32 games for the Red Devils.
His blockbuster move came after he had impressed in the Premier League with Arsenal after a spell with Barcelona.
Sanchez had made his name in Serie A, enjoying five successful years with Udinese.
And The Mirror claim Sanchez is ready to return to Italy with Juventus, Napoli, AC Milan and Inter Milan all interested in the attacker.
It’s reported that Manchester United are open to offers for Sanchez though would prefer a permanent deal.
But United will reportedly listen to any loan offers as long as there is a commitment to buy Sanchez next summer.
The transfer window in Italy remains open until September 2 with Sanchez yet to make an appearance for United this season.
In fact, he has only just returned to training after an extended lay-off due to his involvement in the Copa America with Chile.
Sanchez does not figure in Ole Gunnar Solskjaer’s plans and the Norwegian wants to give more game time to Marcus Rashford, Anthony Martial, Daniel James and teenage forward Mason Greenwood.
But Solskjaer recently admitted he expects Sanchez to stay at Old Trafford.
“Alexis has come in and trained well,” the Norwegian said.
“He is, of course, four or five weeks behind the boys, and he has not played apart from the one behind closed doors here, so I think he’ll see this as an opportunity as well to make his mark.
“I do expect him to stay. There’s a striker there we think is going to be able to score some goals.”
Manchester United began their season with a 4-0 win over Chelsea.
Rashford, Martial and James all got off the mark for the new campaign with Rashford netting a brace.
United travel to Wolves on Monday night in their next match.