According to Gazzetta dello Sport, the 26-year-old winger’s exit is now considered increasingly likely as Milan plan for a significant squad rebuild.
Leão, who has previously attracted interest from Bayern Munich, is said to be open to a move away from Serie A after another inconsistent season in Italy.
Manchester United are monitoring his situation closely as they look to strengthen their attacking options ahead of a new campaign under their current project direction.
Barcelona are also reportedly considering Leão as they prepare for potential changes in their forward line, particularly with Robert Lewandowski now departing.
Fenerbahce interest has also been mentioned, although sources suggest the player is more likely to remain focused on a top-five European league move.
Leão is expected to make a final decision after the upcoming World Cup cycle, meaning any transfer could be delayed depending on international commitments.
The Portugal international remains under contract at Milan, but his future is now widely viewed as open heading into the summer window.
His pace, direct dribbling and ability to create chances from wide areas have made him one of Europe’s most sought-after attacking players.