Pierre-Emerick Aubameyang left for Barcelona on a free transfer in January, cutting his contract at the Emirates Stadium short by mutual consent.
Meanwhile, Alexandre Lacazette and Eddie Nketiah’s deals expire in June, and both players look likely to also leave as free agents.
Regardless of whether they truly want Leao, the Gunners’ European status could be important to his decision.
They could miss out on Champions League football for a sixth successive season whilst Milan are in good stead to qualify for a second-straight campaign.
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