The Red Devils are linked with the 20-year-old Englishman, but the fee Borussia Dortmund want is proving too steep.
Scholes, however, believes Sancho is a generational talent and United should not let him slip, as they did with Erling Haaland in January.
"They're just after a bit more money," Scholes said on BT Sport punditry duties, after Borussia Dortmund said Sancho was staying.
"He looks a brilliant player and I think he'll improve any team in world football with his assists and his goals.
"United were desperate for Haaland as well and they didn't quite go that extra mile to pay the money.
"Will they do it for Sancho? I think they will, if Ole desperately wants him they'll get him."