Ighalo is expected to return to Shanghai Shenhua before the start of the new season of the Chinese Super League, which is scheduled for July.
Manchester United want to extend Ighalo loan deal with the club, as they want him to stay until the season is finished, which is unclear when that might happen due to the coronavirus pandemic.
However, Shanghai Shenhua are reported to allow to Ighalo to stay with the Red Devils if they sign him for permanent and they even named their price tag which is £20m.
It was reported that Newcastle are interested in signing the Nigerian if their proposed takeover is completed this summer.
Odion Ighalo on the other hand, said that United have not proposed any extension deal for him, despite Ole Gunnar Solskjaer hinted that the deal might be made.
The 30-year-old Nigerian made an encouraging start to life at Manchester United as he scored four goals in eight games for the Red Devils.
In March, it was reported that his parent club Shanghai Shenhua, offered the striker a two-year contract extension worth £400,000 a week.
Ighalo's current contract with the Chinese club expires in December 2022, but they want him to stay at least until December 2024.