TeleLombardia claim that Genoa patron Enrico Preziosi is ready to buy up 20 per cent of Milan before becoming majority shareholder.
The club needs new investors after UEFA refused a settlement agreement and could still exclude the club from the Europa League.
Yonghong Li needs to pay back the loan to Elliott Management in October, which with interest is €380m.
According to TeleLombardia, Genoa President Preziosi is prepared to pay €150m to buy up 20 per cent of the Milan shares.
Over the course of two years, he would spend a total of €330m to buy 51 per cent of the club.
If he were to do this, Preziosi would need to sell Genoa, as he cannot own two clubs in the same division.
He has been the subject of protests from the Grifone ultras, who maintain he sells all their best players.
Preziosi is a controversial figure who started his own business and turned it into an empire.
He has been in football since 1993, involved with Saronno, Como and from 2003 Genoa.
Genoa were relegated to Serie C1 in 2005 due to a match-fixing scandal.
Preziosi has regularly done business with Milan over the years, exchanging numerous players on loan, and has a close rapport with ex-Rossoneri CEO Adriano Galliani.
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