The Corriere dello Sport claims that Milan could look to appoint Luciano Spalletti if they fail to finish in the top three this season.
Although the club have confirmed that Massimiliano Allegri will remain until the end of his contract in 2014, things may reportedly change in the summer if they miss out on Champions League football.
The Corriere is suggesting that the Zenit St Petersburg tactician is liked by the Diavolo, but he earns €6m a season in Russia.
Spalletti, 54, who has been with his current club since December 2009, would thus have to accept a significant cut to his salary should he move to San Siro.
The former midfielder has bossed Empoli, Sampdoria, Venezia, Ancona, Udinese and Roma in his homeland.
The Rossoneri, after picking up two points from the last nine on offer, are presently in third place but only one point ahead of Fiorentina.
Milan will end the season with games against Catania, Torino, Pescara, Roma and Siena.