AC Milan are open to selling Leao, 26, this summer despite a €175 million release clause in his contract. La Gazzetta dello Sport reports that the club's directors would consider offers starting from €50 million — a figure significantly more accessible to United.
Milan prefer a cash-only transaction but accept that Manchester United may seek to include a player to reduce the overall outlay.
Of the three names floated, Zirkzee is considered the most realistic and most appealing to Milan. The Dutch forward, signed by United from Bologna last summer, has struggled for regular starts under Michael Carrick and a return to Serie A is widely expected.
Milan were interested in Zirkzee before his move to England and Pellegatti suggested he could be an ideal fit for the Rossoneri's attacking plans alongside Christian Pulisic.
Ugarte is valued at around €30 million following his move from Paris Saint-Germain, with his agent Jorge Mendes already sounding out clubs across Europe on his behalf.
Rashford complicates matters further — he is currently on loan at Barcelona, who are weighing whether to exercise a €30 million purchase option. If Barcelona decline, Rashford could return to Old Trafford without a clear next destination.
Leao has scored ten goals and provided three assists across 28 appearances for Milan this season. He is under contract until June 2028.
Morgan Rogers remains United's first choice for the left wing role. Leao is the alternative if the Aston Villa winger proves too expensive or unavailable. No formal negotiations between the clubs have begun.