While the German outfit are said to be against the sale of the England international in January, it has been claimed that the 19-year-old could leave the Westfalenstadion later in 2020.
Having contributed 12 goals and 12 assists from 22 appearances in the Bundesliga and Champions League this season, Sancho is being linked with a return to his homeland.
Liverpool, Manchester United and former club Manchester City have all been credited with an interest in the youngster, who has two-and-a-half years left on his contract.
However, reports over the weekend suggested that Chelsea are prepared to pay in excess of £100m for Sancho's signature, potentially giving them an edge in the race.
Here, Sports Mole takes a look at how the Blues could line up if Sancho makes the switch to Stamford Bridge.
Lampard already has a number of versatile creative players at his disposal, and the arrival of Sancho would only add to his options.
Despite often being used on the right-hand side of a front three, Sancho's best work has come on the left, leaving Lampard with plenty to think about when attempting to find a solution.
However, with Willian turning 32 years of age in August, Sancho could get the nod on the right, with former Dortmund teammate Pulisic being the preferred option on the opposite flank.
Such is the flexibility of Chelsea's playmakers that Lampard may opt to drop Tammy Abraham in favour of using three wingers who are able to switch sides and roles on a regular basis during a match.
While there is not space for each of his key men, it would enable Lampard to keep his players fresh without reducing the quality in the final third.