Sanchez has struggled since moving to Old Trafford from Arsenal last January, scoring just five goals.
It is widely speculated that Sanchez will leave Manchester United this summer with manager Ole Gunnar Solskjaer expected to be busy.
The United squad is in desperate need of changes with Paul Pogba and Anthony Martial also potential departures.
And the Independent claim that United have already held meetings with Inter and Juventus over a deal for Sanchez.
It’s reported that the Red Devils “desperately” want to sell the Chilean with both Serie A club willing to look at a deal.
There could be a problem though with it being claimed that both sides will only move forward with a deal if Sanchez lowers his financial demands or United subsidise his wages.
A loan deal could therefore be likely with United hero Patrice Evra questioning Sanchez’s motives for moving to Old Trafford in the first place.
“Some players only come for the money, I am not afraid to say that,” Evra told Sky Sports.
“I have nothing against him, but Sanchez, when I saw the deal, that’s when I thought the Manchester United history just went down.
“He had Manchester City, they were offering less money but he was going to play a better football than United – I’m sorry about that, but City play better football. [Pep] Guardiola will also improve him.
“So I want to know what is the real reason for choosing United?
“Don’t tell me he loved Manchester United when he was a kid.
“It’s either the money or he wanted to be the number one, take the No 7 shirt and be the star.”
Inter Milan are also believed to be interested in Belgian striker Lukaku.
Express Sport understand that PSG are also keen in the forward who scored 15 goals this season.
Lukaku has previously made clear he would one day love to play in Serie A.
“Playing in Serie A is a dream, it would be really a dream,” he explained recently.
“I hope to be able to play sooner or later even if at the moment I am focused on United.”