The Germany international emerged as a top target for those at the Allianz Arena during the summer transfer window.
It was hoped that the 23-year-old could be enticed back to his homeland amid fierce competition for places at the Etihad Stadium.
Ultimately, any recruitment plans had to be shelved as Sane suffered a serious knee injury in the Community Shield.
He is currently on a long road to recovery, but could be back to fitness in the New Year.
Bayern will continue to monitor his situation, with it possible that Hoeness’ successor as president at Bayern could decide to rekindle interest and make a formal approach.
Hoeness, who has announced that he will not be standing for re-election in November, told Sports Illustrated when quizzed on the Sane links: "We need to wait and see how his recovery is shaping up, and in January or February the new leaders will gather and think."
If a deal were to be done, then Sane would join a star-studded squad working under the guidance of Niko Kovac.
The Bayern boss has faced criticism since taking on a high-profile post, but Hoeness claims to have "never understood" why questions are being asked of a man who delivered a domestic double.
He added: "He is a young coach without much international experience, but he has still won two titles and built a new team."
Bayern remain the dominant force in Germany, with the club currently looking to chase down an eighth successive Bundesliga title, and Hoeness is hoping to see them remain at the top.
He said: "The problem is that if we win, everyone says it's not good for the league. But if we lose, they all demand the dismissal of those responsible, so I'd rather win the Bundesliga."
Hoeness is also eager to point out that while Bayern may not be able to compete financially with European foes such as Manchester City and Paris Saint-Germain, they will remain true to their roots and not seek out investment from a billionaire owner.
He added: "Our fans and members would never accept that. We can only sell 30 per cent of our shares, anything beyond that needs a vote of the members and 75 per cent approval, I do not think that will ever happen.
"Our fans want a football club as a family, without debt and oligarchs, or countries as sponsors. I'm not saying it's not okay, but we're taking a different path."