Fenerbahce make first Leao offer to Milan, total €40m plus bonus

Fenerbahce have reportedly made the first offer for Rafael Leao, totalling €40m plus €2m in add-ons, but Milan are holding out for €50m with a different formula.

It is confirmed that Fenerbahce sent director Cihan Kamer and his colleagues to Italy this evening , as he was filmed getting off the plane at Malpensa Airport.

Fenerbahce offering €40m for Leao

DUBLIN, IRELAND – NOVEMBER 13: Rafael Leao of Portugal reacts after the team’s defeat during the FIFA World Cup 2026 qualifier match between Republic of Ireland and Portugal at Aviva Stadium on November 13, 2025 in Dublin, Ireland. (Photo by Charles McQuillan/Getty Images)

Sportitalia and Turkish transfer pundit Yagiz Sabuncuoglu both confirm the proposal is going to be set at circa €40m.

Sport Mediaset have more precise details, insisting the first offer is €5m for the loan, with a further €35m obligation to buy at the end of the season, and an additional €2m in performance-related bonuses.

Leao would be prepared to sign a contract worth €12m per season, practically double his current salary at San Siro.

However, Milan already warned Galatasaray and Benfica that they would only accept a permanent transfer, so will not agree to any loan with obligation to buy.

They need the fresh funds to perform other transfers on the market this summer, having already spent over €100m to sign Goncalo Ramos and Mario Gila.

MILAN, ITALY – APRIL 26: Rafael Leao of AC Milan reacts during the Serie A match between AC Milan and Juventus FC at Giuseppe Meazza Stadium on April 26, 2026 in Milan, Italy. (Photo by Marco Luzzani/Getty Images)

Negotiations are set to continue, and Leao is not going to remain with the Rossoneri, but they have set the asking price at €50m.

Monitor Milan's response to this bid; if accepted or advanced, Leao's departure would weaken Milan's attack significantly for upcoming matches.