La Gazzetta dello Sport reports that a departure has become the most likely outcome at the end of the campaign, with Leão's contract running until 2028 and a release clause of €170 million — a figure that has no relevance to the current market.
AC Milan's realistic expectations sit far below that threshold, and the club are prepared to sanction a sale at a figure that still allows them to record a capital gain.
Leão has scored 10 goals in all competitions this season — his third consecutive campaign without reaching double figures in Serie A — and has not scored since 1 March.
Manager Massimiliano Allegri has deployed him as a central striker rather than his natural wide left role, a tactical decision that has drawn criticism and visibly eroded both his output and his confidence. His place in the starting eleven is no longer guaranteed for the remaining matches.
The relationship with the San Siro support has also fractured. Leão was whistled by sections of the crowd after being substituted against Juventus in April, and the atmosphere around the player and the club has grown increasingly uncomfortable.
Manchester United are considered the most concrete suitor, though agent Jorge Mendes has already made the player available to multiple clubs. Liverpool, Barcelona, Chelsea and Manchester City have all been mentioned as potential destinations, with the World Cup in June seen internally as a potential reset point — Milan are willing to wait until after the tournament before finalising a sale, hoping Portugal's results might restore some of the hype that once surrounded his name.
With two years remaining on his contract, Milan's position is not desperate. But given the trajectory of this season, the consensus inside the club is that the summer of 2026 represents the last realistic opportunity to extract meaningful value from the asset.