The 21-year-old has recently helped New York City FC win their first ever MLS Cup, featuring in all four play-off matches including all 120 minutes of the final against Portland Timbers.
Sands has been the subject of transfer speculation previously but signed a five-year deal back in March.
He is held in high regard at New York City, who are managed by former Celtic boss Ronny Deila, having been recruited as the club’s first ever homegrown player.
"He has become an integral part of our team and consistently plays at a very high level," the club’s sporting director David Lee said at the time.
"His work ethic and professionalism both on and off the pitch sets a wonderful example for all our Academy players who are looking to follow in his footsteps.
"James has such a bright future and we're looking forward to helping him continue to maximise his potential as a player to help him play at the highest level possible."
Earlier this month, however, Lee confirmed NYCFC are “open” to a possible move, whether it be a loan or permanent.
“We’re working with James,” he told The Athletic in an in-depth interview following the MLS Cup win. “I think, like all players, every player wants to test themselves at the highest level that he can. And if an opportunity arises that we think is right, that James thinks is right, then we’ll consider it. And that’s our commitment to James, and I think it’s the right thing in terms of players to ensure that we’re going to help meet their ambitions and career goals.
“We’ve got to believe it makes sense for New York in order to do it.
"I think signing the contract, that was a show from both us and James that we believed in each other and we both believed that each other could help the other get to the levels that we both want to get to.
"James obviously played a massive role in us winning our first MLS Cup. So we will evaluate those things that come in and I’m quite sure we will have opportunities for James in the market. If we think something’s right, then we’ll talk to James and we’ll have that conversation.”