Milan have cash to splash after a takeover from a Chinese consortium earlier this season.
Express Sport understands they are interested in Arsenal winger Alexis Sanchez, whose future at the Emirates is shrouded in uncertainty.
And Italian publication Gazzetta dello Sport (Goal France) say Sanchez's name is being mooted by San Siro chiefs ahead of a summer bid.
The Chile international has cut a frustrated figure at times this season and, with his contract expiring next summer, Arsenal could be forced to cash in.
Alexis Sanchez is one of two Premier League stars wanted by AC Milan
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Wed, February 1, 2017
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AC Milan also have interest in Manchester City striker Sergio Aguero
The report also says Manchester City striker Sergio Aguero is on their radar.
Despite scoring twice in City's 5-3 Champions League win over Monaco tonight, the Argentina international is no longer guaranteed a future at the Etihad Stadium.
Chelsea and Inter Milan have emerged as possible destinations but AC could gazump their rivals by pipping them to the City star.
It is claimed Blues target Alvaro Morata is another player on their wish list.
Chelsea could face competition to land Alvaro Morata
The Spain international has struggled for consistency at Real Madrid since re-signing from Juventus last summer.
Chelsea were backed to land the forward when Diego Costa was the subject of a huge bid from the Chinese Super League in January.
But Milan could muscle in on their interest by bringing the 24-year-old to Serie A.
The Italian giants are said to have £110million to spend on a marquee name.