Oleksandr Usyk relinquished the IBF belt, as well as his WBA and WBC titles last week, and Sanchez is now in prime position to challenge for a world title as the IBF No 1-ranked contender.
Itauma's next fight is already confirmed against Filip Hrgovic on August 29, in a bout between the two other highest-ranked IBF contenders, and the winner could be in line to face Sanchez for the vacant IBF belt.
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Sanchez's manager Mike Borao told Sky Sports: "My expectation is that Moses Itauma could possibly be Frank Sanchez's opponent in the near future, but we will have to wait and see who he ultimately fights next for the vacant title."
Itauma had been ordered to face Sanchez in an IBF final eliminator last September, but the fight was turned down for the 21-year-old.
"I was surprised when Moses initially turned down the final eliminator against Frank recently," Borao added.
"Moses is an incredible talent with massive upside. I myself am a fan of Moses, but a fight with Frank is probably a bit too soon, since he is young and there are other paths to a title for him."
Itauma's last fight was in March, a ruthless fifth-round stoppage of American Jermaine Franklin in Manchester, but he is taking another step-up in class against Hrgovic, who holds wins over Zhilei Zhang and Joe Joyce.
Sanchez was hampered by a serious knee injury when he suffered his sole defeat against newly-crowned WBC champion Agit Kabayel, and the Cuban demolished Richard Torrez Jr in front of watching gym-mate Saul 'Canelo' Alvarez to become IBF mandatory challenger in May.
"Frank Sanchez will become the first Cuban heavyweight champion in 2026, no matter who he boxes for the vacant title," said Borao.
"In the end, it doesn't matter who Frank boxes because, as I have always said, a healthy Frank Sanchez with [trainer] Eddy Reynoso and Canelo in his corner beats anyone.
"Frank's single loss resulted from an injury. A healthy Sanchez would have beaten Agit Kabayel, in my opinion.
"Boxing fans saw the devastation a healthy Frank Sanchez is capable of against Richard Torrez."
