Sinclair left the Liberty Stadium last summer when they paid around £6million for his signature - but the 24-year-old has barely kicked a ball since the move.
He has started just two league games for Roberto Mancini's side so far this term and, as the two clubs prepare to meet this weekend, Laudrup admits he is in their thinking for the summer.
"We have other players who can play that position that we are looking at," said Laudrup.
"We have to make some decisions when we start talking to people about what is possible and what is not. Because it is one thing having names on paper and another when you start talking about salaries, transfers and all that.
"But he (Sinclair) has quality and he has already shown it and we will see what decisions we make on that for the future.
"Good players in his position are always an option and he has a British passport which is another thing we have to look at in an overall perspective."
Laudrup admits that one of his main priorities is adding more firepower to his squad.
"That's one thing to consider," he said. "We need more goals next year. We cannot expect Michu to score as many goals.
"We've scored 43 goals this season, one less than last season, and we have four games to go.
"But many of them have come from one player and you cannot put so much pressure on his shoulders.
"I would love Michu to repeat his goal-scoring numbers next year, but we cannot expect it so we have to divide the goals out to more players.
"We will need to bring in somebody who has scored goals on a regular basis in their career."