Sancho, currently on-loan at Aston Villa from Manchester United, is off contract at the end of the season.
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A return to Dortmund, where he has had two previous stints, has been mooted in the English press.
But BILD says the club's executives aren't convinced Sancho can regain the form that once made him one of Europe's brightest talents in the yellow and black jersey.
Furthermore, the player's sky-high salary —one of the highest in the Premier League - has also turned them off.
As such, BVB directors have agreed not to revive any plans to re-sign the England winger.