The 26-year-old winger has 291 appearances for Milan since joining from Lille in 2019, scoring 80 goals and registering 65 assists across all competitions. But his relationship with the club's supporters deteriorated significantly this season.
Booed at the San Siro on multiple occasions after a campaign in which he scored nine Serie A goals, Leão has openly told Portuguese media that his time at the Rossoneri is drawing to a close.
"I'm proud as I made history at AC Milan, but I want a new chapter," he said.
"I feel ready to play in another league."
AC Milan's asking price of €50m represents a dramatic reduction from a €175m release clause that expires in early July. The club's financial circumstances have changed materially: they missed Champions League qualification for a second successive season, finishing fifth in Serie A, and are rebuilding their entire sporting structure following the dismissals of CEO Giorgio Furlani, sporting director Geoffrey Moncada and head coach Massimiliano Allegri.
In that context, a sale at €50m — representing a significant profit on the modest fee Milan paid for him — would provide immediate transfer ammunition while freeing a salary of €7m per year from their wage structure.
The Premier League is Leão's preferred destination. Chelsea are described as long-term admirers and the most likely destination among English clubs. Manchester United, Liverpool, Arsenal and Newcastle United are also monitoring the situation, though Chelsea's interest is considered more advanced, reports TMW.
Turkish options — Fenerbahçe and Galatasaray — have also been mooted, but Leão has given no indication he would consider either at this stage of his career. He has not ruled out Spain or Germany, but England remains the primary ambition.
Leão's representative, super agent Jorge Mendes, is managing the exit process. A decision on his future is expected before the World Cup ends in mid-July.