Despite recent reports that the Blades plan to hold onto Li until the end of the season, it is understood the club may let the midfielder go earlier if the price is right.
"I am definitely interested in having Li Tie back at Liaoning," Cheng said to the Chinese media.
"However it depends on a number of factors such as the transfer fee. If Sheffield United price him above our budget, then we are unable to commit to a deal."
The Blades are believed to be favour a loan move for the China international, but Liaoning have stressed they want to make the move permanent.