Key Takeaways:
- Fenerbahce submitted an initial offer for Rafael Leao, totalling €40m plus €2m in bonuses
- Milan have communicated they will only sanction a permanent transfer and are insisting on a €50m fee
- Negotiations are due to continue after club officials from Fenerbahce arrived in Italy
Transfer Negotiations Underway
Fenerbahce have made their opening proposal for AC Milan forward Rafael Leao, with the Turkish outfit putting forward a deal valued at €40m, in addition to €2m in add-ons. However, Milan are standing firm, demanding a €50m transfer fee and a structure different to what Fenerbahce have suggested.
Club director Cihan Kamer, along with other Fenerbahce representatives, arrived in Italy earlier this evening, with Kamer spotted disembarking at Malpensa Airport as talks intensify between the two clubs.
🚨 Fenerbahce are trying to accelerate for the signing of Leao. A delegate from the Turkish club is in Milano to negotiate with Milan.
There will be a meeting in the coming hours. Fenerbahce want to sign Leao on a permanent deal, Milan ask for around €60M and don’t intend to… pic.twitter.com/x2soav2nQn
— Milan Eye (@MilanEye) July 27, 2026
Offer Structure and Milan’s Position
Both Sportitalia and Turkish transfer expert Yagiz Sabuncuoglu have indicated that Fenerbahce’s proposal sits at around €40m, while Sport Mediaset has outlined specific terms: a €5m fee for an initial loan, followed by a mandatory purchase obligation of €35m next season, and a possible €2m in performance-related bonuses.
Leao is reportedly open to agreeing a contract worth €12m per year at Fenerbahce – nearly twice his current earnings at San Siro. Nevertheless, Milan maintain they are unwilling to consider any loan-with-obligation arrangement, only accepting outright permanent transfers. The Italian club communicated the same stance previously to Galatasaray and Benfica.
Milan’s Summer Strategy
Milan’s insistence on a straight sale stems from their need to boost summer transfer funds, with the club already having committed over €100m to bring in Goncalo Ramos and Mario Gila. The proceeds from Leao’s sale are seen as important to finance further moves in the current window.
While further negotiations are anticipated, Milan have made clear that Leao, who is not expected to remain at the club, will only be allowed to depart should their €50m valuation be met.
