According to Bild, Itakura is described as the "absolute desired solution" by both head coach Eugen Polanski and the Borussia Monchengladbach management if a buyer is found for Elvedi, who has one year remaining on his contract.
Leeds United have shown concrete interest in Elvedi and are understood to be prepared to pay €8.5m for the centre-back. Should that deal progress, Gladbach would look to bring back Itakura, who played for the club between 2022 and 2025 before joining Ajax for around €10.5m.
The 29-year-old Japanese defender is contracted to Ajax until 2029, and a return to Germany would not be straightforward. Gladbach attempted to bring him back on loan in the previous winter window without success.
Itakura is currently at the World Cup with Japan. Other Bundesliga clubs are also said to be tracking him, with Hamburger SV also mentioned as a potential destination.
Gladbach's interest in Itakura is well-established and goes beyond pure opportunism. The club's management have made clear he is their preferred choice specifically because of his previous time at the club — his familiarity with the environment, the style of play and the expectations of the fanbase make him a lower-risk option than an unknown alternative.
Whether Ajax will sanction a sale or loan while Itakura still has three years on his contract remains uncertain. The price paid to bring him to Amsterdam — €10.5m — means any departure at a loss would require convincing from the player's side as much as the clubs involved.