According to journalist Ian McGarry, Chelsea have decided not to press for the signing of the England international.
He told Transfer Window Podcast of Reach Plc that Chelsea have jettisoned the idea of signing Jadon Sancho mainly due to the financial demands from his club.
Chelsea contacted Borussia Dortmund on Thursday over a transfer for Jadon Sancho and they were quoted an asking price of €120m in addition to the €50m agent fees needed to secure the signing.
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Jadon Sancho will most likely stay at Borussia Dortmund until the end of this season and Chelsea might return to the negotiation table in the summer to ensure that they sign their top target ahead of the other Premier League rivals also interested in the 19-year-old attacker.
Liverpool and Manchester United are also in the mix for the winger who was formerly on the payroll of back-to-back Premier League winners Manchester City.
The Citizens received £8m for his transfer to his German team almost three years ago.
He has 12 goals and 13 assists for Borussia Dortmund since the start of the current campaign.