This is according to reports from Italian publication Tuttosport cited by The Daily Express, which claim that the Chilean international is not considering the idea of transferring to England, particularly given the Red Devils' failure to qualify for next season's Champions League following a dreadful season under former boss David Moyes.
Instead, it appears as if Sanchez could well move back to Serie A - the league in which he established an exciting reputation with Udinese during a five-year stint between 2006-11 - with the same source suggesting that a fee of around £16 million could be agreed between Barcelona and Juventus.
Missing out on Sanchez is likely to disappoint Louis van Gaal, although the new Manchester United manager - along with executive vice-chairman Ed Woodward, of course - is not expected to be short of transfer targets to pursue this summer as he seeks to reverse the considerable damage done at Old Trafford during Moyes' disastrous tenure.
An incredibly quick and skilful winger, Sanchez - who was in good form on Friday night as Chile opened their 2014 World Cup campaign with an entertaining 3-1 win over a plucky Australia outfit at the Arena Pantanal in Cuiabá - would surely have provided a spark to Van Gaal's attacking setup, although his rather testing habit of going to ground just a little too easy may not have been to the liking of the Manchester United fans who have previously heavily criticised the likes of Ashley Young for similar theatrics.
With a new regime set to take the reins at the club following the climax of the Netherlands' Brazilian adventure, there has certainly been no shortage of transfer rumours concerning Manchester United in recent weeks and Sanchez appears to be the latest name to have gone from a realistic signing to a virtual impossibility overnight.
Bayern Munich midfielder Bastian Schweinsteiger has been subject to a similarly dramatic transformation, with reports earlier today suggesting that the German stalwart is not a top target for Van Gaal, despite earlier speculation to the contrary.