And the former Watford star, a boyhood United fan, has scored four goals in eight appearances during his loan spell.
Ole Gunnar Solskjaer wants to keep Ighalo at Old Trafford, but it is looking very unlikely.
According to The Times, Shanghai have offered the Nigerian a new three-and-a-half year contract worth over £75m.
The contract would run until until January 1, 2024 and be worth £400,000-per-week to Ighalo.
United have been impressed by Ighalo but in the current financial climate are not willing to pay the sums involved.
Ighalo turns 31 next month and with Rashford close to a return, United will be well-stocked in attack.
Short of Shanghai changing their stance in the coming days, United will be losing Ighalo back to China.
It is unlikely that the Chinese Super League side will budge given that they have a thin squad and need Ighalo back.