The Armenian midfielder's agent has said his client will look to leave in the summer, which could spark interest from the Premier League.
Arsenal are rumoured to have lined up a €20 million approach in the recent past, according to tuttomercato, while Liverpool were chasing his signature before he joined Dortmund in 2013, as reported by the BBC.
“Henrikh wants to leave Dortmund in the summer,” said Raiola.
"We will have to wait and see what we can do."
Jurgen Klopp’s side have endured a miserable season so far and find themselves in the midst of a relegation scrap, which has them rooted to the bottom of the Bundesliga table.
Mkhitaryan has been in poor form throughout the campaign, with Bild reporting that he has the lowest conversion rate in the league, which is a factor behind Dortmund’s current struggles.
The club’s troubles have led to reports that several of their star names will look to leave the club for pastures new, with defender Mats Hummels having been linked with a move to Manchester United by the Daily Mail.