The Netherlands international has emerged as a top target for Borussia Dortmund.
Sancho has recently agreed to join Premier League giants Manchester United in a lucrative £72.6m deal.
According to reports, Dortmund have identified Dutch international Malen as the ideal replacement for the out-going Three Lions star.
Malen has been on the radar of Europe’s top clubs over the last few years due to his impressive development in Eredivisie.
In the 20/21 season, the 22-year-old racked up a total of 19 goals and 8 assists in the Eredivisie, finishing as the second top scorer of the league.
He also showed glimpses of his quality at the national team in Euro 2020, forming a productive partnership with Memphis Depay. However, the Dutch side lost to the Czech Republic in the round of 16.
Malen has been linked with a move to Liverpool in recent weeks, but Dortmund looks to have edged out the Reds in the transfer race.
Dortmund have lost some of the best young talents to bigger clubs over the years, but they keep on finding and grooming more youth prospects.
Sancho’s exit would be a big blow as it will hinder Dortmund’s ambition in the Bundesliga and Champions League next season.
However, they can still make up for the loss by signing Malen, who has maintained his consistency over the last two seasons.
If Erling Haaland is to stay at Signal Iduna Park this summer, Norwegian can form a dangerous partnership with Malen in the attack.