United sent Januzaj on a season-long loan to Dortmund in August to gain experience, but the 20-year-old has barely played for the German club.
The Belgium forward has started just three matches - all in the Europa League - and his only playing time in the Bundesliga came off the bench.
There was no release clause inserted into Januzaj's loan contract when it was signed, but Press Association Sport understands both clubs have agreed recently that it is their best interests to terminate the deal.
The relevant paperwork is expected to be exchanged that will effectively annul the loan agreement on Thursday.
Januzaj is understood to have stayed in Manchester over the Christmas period and was in the directors' box for United's home game against Chelsea on December 28.
United have until 5pm on Friday to register him for Saturday's FA Cup third-round tie against Sheffield United, although Louis van Gaal may decide to ease the forward back into the first team set-up after a couple of games for the Under-21 side instead
Januzaj has not played since Dortmund's 1-0 defeat to PAOK Salonika on December 10.
Van Gaal had warned Januzaj last year he was taking a risk by joining Dortmund, rather than a lower-profile club where he would have been guaranteed to play more.
''In a club like Borussia Dortmund, all the players there are also of a certain level and I said in advance: 'that's a big risk for you because you have to compete with other players of a higher level' and that is not so easy,'' the United manager said in November
Source : PA