According to Italian journalist Nicolò Schira, Al-Hilal made substantial offers to both players in hopes of convincing one of them to join ahead of the 2026-27 season. Both declined.
Leão, 26, has confirmed his intention to leave AC Milan following a difficult campaign and has expressed a desire to move to the Premier League. An Al-Hilal offer that would have placed him alongside Karim Benzema in Riyadh held no appeal — despite the contractual terms representing a significant improvement on his current Milan deal. Leão is contracted at San Siro until 2028 and Milan are expected to seek a fee in excess of €80 million for the Portugal international.
Raphinha's situation involves a different Saudi club. Al-Nassr, backed by the Saudi Public Investment Fund, have been linked with a bid of up to €80 million for the 29-year-old, according to Mundo Deportivo.
Barcelona's winger remains committed to the club, however. Under Hansi Flick he has become one of the world's most productive wide forwards, contributing 21 goals last season despite injury absences. His own position is that he has no desire to leave the Spotify Camp Nou.
Al-Hilal's manager Simone Inzaghi's agent Federico Pastorello has already publicly distanced his client from any pursuit of Raphinha, stating directly that "Inzaghi has not requested Raphinha's transfer."
The rejections reflect a broader pattern this summer. The Saudi Pro League has found its leverage diminished when targeting players of the very highest level who are at the peak of their careers and playing for clubs competing in the Champions League.
For Milan, the development sharpens the market picture around Leão. A summer exit is his preference and the club's. The destination, however, will not be Riyadh.