The 30-year-old joined Manchester United on loan in January and scored four times in his first eight appearances for the Red Devils before the season was postponed.
Ole Gunnar Solskjaer's side are thought to be exploring the possibility of acquiring the Nigeria international on a permanent deal ahead of the 2020-21 campaign.
However, according to Sky Sports News, Newcastle would also be interested in signing Ighalo if their proposed takeover is completed this summer.
The Magpies could soon become the richest side in the Premier League as a Saudi consortium attempt to buy the club from Mike Ashley.
Shanghai are said to be keen to recall the Nigerian in time for the start of the new Chinese Super League season in July, meaning that the forward might not finish the 2019-20 campaign at Old Trafford. body check tags ::