Milan have proposed Riccardo Saponara or Jherson Vergara to Parma in part-exchange for Italy international Marco Parolo.
According to Mediaset Premium and Panorama, Rossoneri CEO Adriano Galliani was in talks with Parma President Tommaso Ghirardi over the last 24 hours.
They discussed the possibility of sending attacking midfielder Parolo to San Siro.
It would see Milan buy co-ownership of Parolo in exchange for handing Parma the other half of Saponara or full ownership of defender Vergara plus €3m.
At the moment Saponara is co-owned between the two clubs, so at the end of this deal the Ducali would have complete control over the Italy Under-21 international trequartista.
Parolo turns 29 later this month and has been hugely impressive since joining Parma from Cesena in July, scoring six goals and providing three assists in 18 Serie A games.
He also earned a recall to the Italy squad and is in the running for a place at the World Cup.
Saponara just turned 22 and has suffered from a series of injury problems since arriving at Milan in July.
The former Empoli man made only three appearances this season for a grand total 99 minutes of football.
With the arrival of Keisuke Honda from CSKA Moscow, playing time is likely to be even more reduced.
Think you know your Italian football? Share your knowledge, tips and comments to win cash prizes in OLBG's tipster competition - £5,000 monthly.