Leão spent part of the off-season in Brazil, attending an event for his own clothing brand in São Paulo and watching a Santos match alongside friend Neymar, before denying on social media that a transfer was imminent and confirming he would begin pre-season with Milan. He is set to fly out to join his team-mates in Perth on Wednesday alongside fellow forward Gonçalo Ramos.
Despite those comments, the market remains very much open. Fenerbahçe are continuing to push for Leão and are reportedly ready to send representatives to Milan to negotiate directly with the club.
AC Milan have set a valuation of at least €50 million, including bonuses, with a loan featuring an obligation to buy floated as a possible alternative structure. The timing of any concrete approach is likely to depend on Fenerbahçe's progress in Champions League qualifying, where the Turkish club still have work to do to secure their place in the competition proper.
Australia will offer the first face-to-face meeting between Leão and head coach Rúben Amorim, though there is no indication so far of any change in the player's situation. In his absence from full training, Amorim has begun testing alternative attacking solutions, with Samuel Chukwueze used on the wing while Christopher Nkunku and Christian Pulisic continue their recoveries.
Should no transfer materialise in the coming weeks, Leão is expected to feature as normal on Milan's subsequent tour of Asia, with a friendly against Chelsea scheduled for 8 August — a schedule that could change quickly, however, if talks with Fenerbahçe begin to move.
Milan's asking price reflects the club's desire to recoup significant value from a player who has struggled to justify his reputation in recent seasons, having drawn criticism from sections of the San Siro crowd during a difficult campaign. Should a sale go through, Milan are expected to reinvest much of the proceeds elsewhere, with Genk teenager Konstantinos Karetsas among the names credited as a potential creative option behind the striker.
Chelsea, Manchester United and Barcelona have all been credited with previous interest in Leão, though none has advanced discussions as far as Fenerbahçe in recent days.