CEO Marco Fassone confirmed Zlatan Ibrahimovic and Radamel Falcao “are among the six or seven names” being considered for Milan.
The Rossoneri bought 10 new players this summer, spending over €210m, but still need a centre-forward.
“We continue talking about a striker, but must use our time wisely,” Fassone told Sky Sport Italia.
“We’re working on it, there mustn’t be any sense of haste, as we don’t want to make a mistake.”
Fassone was asked whether Ibrahimovic – currently a free agent and recovering from a torn ACL – and Monaco hitman Falcao were options.
“So far I haven’t said no to any of the names that have been mentioned, and I won’t say no to Falcao either, but among the six or seven names that have been suggested we’ve been closer to some than others.
“The doubt we had was whether to make such a significant revolution of the squad or a gradual growth, but Massimiliano Mirabelli and I made this courageous decision and we hope it was the right one.
“We see this as not a one-year project, but over two or three years.”
Other alternatives for the centre-forward role include Pierre-Emerick Aubameyang, Diego Costa, Andrea Belotti and Nikola Kalinic.
It would be a return for Ibrahimovic, who wore the Rossoneri jersey in 2010-12 and always said he didn't want to leave.