Milan will launch a bid for Alessandro Matri of Juventus should they reach the group stages of the Champions League.
The striker is available for transfer and he has been linked strongly with possible moves to Napoli and Roma in recent weeks.
However, according to the Gazzetta dello Sport, the Diavolo are keen on re-signing a player who is actually a product of their youth system.
The 29-year-old joined the Old Lady in January 2011 from Cagliari for €15.5m. The Turin giants are keen to sell following the arrivals of Carlos Tevez and Fernando Llorente.
Juve are expected to ask for between €10m and €13m for the man who played under Milan boss Massimiliano Allegri in Sardinia.
Milan will entertain PSV in the second leg of their Champions League qualifier on Wednesday. The first game ended 1-1.
The Rossoneri are also interested in Fiorentina forward Adem Ljajic and CSKA Moscow midfielder Keisuke Honda.