That's according to the Sun, who reports the youngster "will be sold by Schalke in one of the biggest auctions of the summer transfer window" and could cost up to £40 million.
Sane has emerged as one of the most exciting young talents in the Bundesliga over the last year, and despite his age, the 20-year-old has established himself as a key player in Gelsenkirchen.
The German has scored six goals this season and assisted a further five, and his form earlier in the campaign saw him make his debut for the national team in November.
Here is a showcase of some of the winger's highlights in the season so far:
As the video demonstrates, Sane's electric pace and dribbling skills make him a tricky proposition to defend against. When coupled with his developing eye for goal, it's not overly surprising he's been linked with some of Europe's elite clubs and a big-money move away from Schalke.
As Bundesliga expert Alex Chaffer notes, Sane has outstanding talent but is very much a rough diamond in need of polishing, and there is still much improvement to be made:
DW Sports' Stefan Bienkowski highlighted his poor passing as a hindrance to the team on the break:
Bienkowski further notes Sane has recently been dropped by Andre Breitenreiter and is struggling to make a positive impact in games of late, though fellow DW Sports writer Ross Dunbar disagrees:
His struggles highlight a common problem with younger players, in that consistency often comes with age and experience—something Sane naturally lacks.
It's also possible the youngster has simply been distracted by the frequent rumours linking him with a move away—in which case his form would pick up again if he were transferred, in theory at least.
Whatever his future holds, Sane should be given time to develop and round off his game—particularly if he does make a high-profile expensive move this summer—otherwise, the pressures of a huge price tag and reputation could see him struggle to reach his potential.
Meanwhile, Blues midfielder Oscar has admitted he turned down a lucrative move to Chinese Super League side Jiangsu Suning, who were believed to have made a £58 million offer for the Brazilian. Per Samuel Stevens of the Independent, he said:
There was interest in me but I've no desire to leave Europe. The idea of moving to China would be such a huge change for me and would go against everything I've achieved so far.
Chelsea are a fantastic, very big club and I'm still young. I'm only 24 so I've got a lot of football ahead of me.
Jiangsu were one of several Chinese clubs to spend big this winter as they splashed out on Oscar's compatriots—and in the latter case his Chelsea team-mate—Alex Teixeira and Ramires.
The playmaker has been one of the more solid performers in the Blues' disappointing season with eight goals and four assists to his name.
Oscar will likely add to his trophy collection at Stamford Bridge in the years to come—perhaps even this season, as they remain in the FA Cup and the UEFA Champions League—so even with China's financial might, it would have still been something of a surprise for a Premier League star of his age to make the switch.