The 26-year-old has been at AC Milan since he signed from Lille in 2019 and has often been linked with a move away.
While not always prolific in front of goal, the Portugal international has hit double figures in all competitions in each of the last four seasons for Milan.
He has been a great provider of goals for Milan, last season laying on eight Serie A assists, which was down from the nine he produced in 2023/24.
With Il Rossoneri finishing a very disappointing eighth in the top flight last season there is no surprise the forward is once again being linked with a move to Champions League clubs.
Bild’s Christian Falk reports that a meeting has already been held between Leao’s agents and the Bayern Munich hierarchy
He also notes that Liverpool have an interest in the Portuguese star, while Arsenal see him as a Plan B if they fail to sign their first choice this summer, Athletic Bilbao’s Nico Williams.
Williams is also on Bayern Munich’s radar, so the fate of Leao could be decided by where Williams chooses to play his football next season.
Spanish publication Mundo Deportivo report that Williams’ release clause has risen from the previous position of €58m (£49.5m) due to inflation and now stands at ‘around’ €64m (£54.6m).
That should not be a problem for interested parties like Bayern and Arsenal, while Barcelona have also long held an interest in the Spain international.
The 22-year-old didn’t start the Champions League final win over Inter and there has been speculation that Bayern and Liverpool are ready to pounce.
However, Foot Mercato report PSG have ruled out any possibility of Barcola leaving the club this summer with the youngster considered integral to the team by head coach Luis Enrique.
Whether that situation could change with a huge bid and the promise of more regular first team football is yet to be seen.
The futures of Leao, Williams and Barcola are all likely to be linked as interested clubs who miss out on one will turn their attention to another.
Liverpool’s Luis Diaz is another winger who could play a part in this particular transfer merry-go-round.
Barcelona want the Colombian but the Reds are reluctant to sell, with offers of under €60m (£51m) not entertained, according to Mundo Deportivo.
If Barca can get Diaz then they will not move for Williams and Liverpool’s need for a new winger will be increased, but if the Reds reject their advances than a move for the Athletic Bilbao man becomes more likely
