Jadon Sancho may never become a Manchester United player if the move does not go ahead this summer, Sky Sports News' Dharmesh Sheth reports.
Borussia Dortmund value the 20-year-old winger at £108m, although sporting director Michael Zorc has said Sancho will not be sold this current transfer window, stressing "the decision is final".
United are not giving up on signing Sancho, but as it stands they are yet to have agreed a transfer fee, agent fees or personal terms with the player.
"It has gone a little bit quiet as far as Jadon Sancho is concerned," Dharmesh said on The Transfer Show on Sky Sports News. "The information I got this morning was if United do not sign Sancho in this transfer window there is a chance he will never become a United player
"Make no mistake about it, this window represents what I call the perfect storm as far as United are concerned. They are in the Champions League, Sancho wants Champions League football.
"They are realistically the only club that could do a deal for Sancho at the figures being mentioned. However, and this is the big crux of it, as it stands there has been no bid from United.
"Dortmund are adamant he will not be sold. The only way that changes is if United make a bid, and then if Sancho then agitates for a transfer to United.
"It must be said that Dortmund have been quite bemused at how United have approached this proposed transfer. A selling club has a valuation for a player, a buying club has a valuation for a player. Then the two sides talk. Here we have a situation where Dortmund have made it clear what their price is, it's €120m for Sancho.
"United have said they're not willing to meet that price, they think it's completely unrealistic in the current situation, but what they haven't said is what they are prepared to pay. Hence, there is no basis for a negotiation."
Juventus winger Douglas Costa and Bayern Munich's Champions League final hero Kingsley Coman have been sounded out as possible alternatives to Sancho, and Dharmesh says these reports could be a ploy to push Dortmund into striking a deal for Sancho.
"Now we hear United might have potential alternative targets, the likes of Douglas Costa from Juventus or Champions League winning goalscorer Kingsley Coman from Bayern Munich, David Brooks perhaps even from Bournemouth," Dharmesh added.
"There are two ways to look at this. United are genuinely interested in these players as an alternative to Sancho, or are they happy for these names to be out in the open so that they nudge Dortmund into doing business.
"It should be said Sancho is willing to move to United, a club that is the biggest rival of the club he left when moving to Dortmund in Manchester City.
"As it stands, we as far away as Sancho going to United as we have ever been."
'Judge Woodward at the end of the window'
United are yet to make a signing this summer, although Ole Gunnar Solskjaer has handed his wishlist to executive vice-chairman Ed Woodward, according to Kaveh Solhekol.
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Chelsea meanwhile have brought in Timo Werner and Hakim Ziyech, while they are close to agreeing Kai Havertz, Ben Chilwell and Thiago Silva deals as well.
"A lot of United fans are comparing how Woodward has approached this window compared to Marina Granovskaia at Chelsea," Kaveh said on The Transfer Show. "United fans are looking at the Premier League table, seeing they've finished on 66 points, with Chelsea also finishing on 66 points, 33 points behind Liverpool, and wondering what their club is doing to close that gap.
"If you're a United supporter you're looking at Chelsea and seeing they've signed Hakim Ziecyh, Timo Werner, they're close to signing Kai Havertz, Thiago Silva, Ben Chilwell, they want to sign another goalkeeper as well.
"Then you're looking at Old Trafford. What's happening there? Not much. From what Dharmesh is saying they haven't even made an offer yet for their number one target.
"In United's defence I would say there's still a long time to go until the transfer window closes. United are one of the biggest and richest clubs in the world, they have their targets. Ole Gunnar Solskjaer has given Woodward a list of players he wants, Woodward is working to bring those players in. Now is the wrong time to judge Woodward, let's wait until the end of the window."
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The summer transfer window will run for 10 weeks from July 27 and close at 11pm on October 5.
A domestic-only window for trades between the Premier League and EFL then runs from October 5 and closes on Friday, October 16 at 5pm. Follow all the news and analysis on Sky Sports News and across Sky Sports' digital platforms, including with our dedicated Transfer Centre blog.