Fenerbahce have tabled a €40 million bid plus €2 million in add-ons for Rafael Leao and dispatched director Cihan Kamer to Italy for negotiations, though Milan remain firm on their €50 million valuation. The Turkish club’s delegation, including Kamer, touched down at Malpensa Airport on Sunday evening and was filmed arriving to discuss terms with the Serie A side and the player’s representatives, according to Sportitalia and transfer expert Yagiz Sabuncuoglu.
The offer structure, reported by Sport Mediaset, comprises a €5 million loan fee with a €35 million obligation to buy and €2 million in performance-related bonuses. However, Milan have already rejected similar formulas from other suitors. The Rossoneri dismissed a loan-with-option proposal from Galatasaray last week and maintain that only a permanent transfer will be considered, a stance reinforced by Leao’s contract running until June 2028.
Valuation gap and player preference
While Fenerbahce hope to secure the 26-year-old for a maximum of €40 million, Milan are holding out for €50 million to fund their own recruitment after investing over €100 million in Goncalo Ramos and Mario Gila. Leao is reportedly prepared to accept wages of €12 million per season, effectively doubling his current San Siro salary, but sources close to the player indicate he still favours a move to either the Premier League or La Liga.
No concrete proposals have materialised from England or Spain, leaving Turkish Super Lig sides and Benfica as the primary contenders. The Portuguese club has intensified its interest after talks with free agent Mohamed Salah stalled, joining Galatasaray in monitoring the situation despite Milan’s refusal to entertain temporary moves.
Pre-season deadline approaches
Leao is currently vacationing in Brazil following Portugal’s World Cup campaign and is scheduled to join Milan’s pre-season tour in Australia later this week. This compressed timeframe leaves minimal room for negotiations to conclude before the squad departs.
Although Fenerbahce publicly denied making any offer earlier in the process—a tactic they employed shortly before completing the Mason Greenwood signing from Olympique Marseille—conflicting reports from Sportitalia and Sabuncuoglu confirm the proposal has been submitted. With three years remaining on his deal, Milan can afford to stand firm, forcing Leao to decide between holding out for his preferred destination or accepting the lucrative terms on offer in Turkey.