Arsenal have opened initial discussions with Rafael Leao’s agents as they target the AC Milan forward for a major summer transfer, sources close to the matter reveal.
The Gunners have tracked the Portuguese star for years, and Mikel Arteta’s team now accelerates their chase ahead of the 2026 window. Leao, aged 26, has impressed this season with 11 goals and assists in 20 appearances across all competitions.
He joined Milan from Lille in 2019 for €29.5m and quickly became a key player, helping them win the Serie A title in 2022. His speed, dribbling, and creativity make him a standout left winger, often compared to a young Cristiano Ronaldo for his flair and direct style.
Arsenal see him as an upgrade in attack. By summer, Leao’s contract at San Siro will run until 2028, leaving just two years.
Potential transfer valuation and current contract situation
Milan, facing financial pressures after recent investments in their squad, would consider offers around €75-80m. This valuation aligns with his Estimated Transfer Value (ETV) of €70.5m, ranging from €63.4m to €77.5m, according to Transfermarkt data.
However, clubs like Arsenal must weigh this against his €150m release clause, which remains active but unlikely to be triggered. Manchester United also monitor Leao closely, viewing him as a potential boost for their forward line amid inconsistent form from Marcus Rashford.
Yet, the Gunners currently lead the race, with sporting director Andrea Berta engaging in face-to-face meetings with Leao’s representatives. The player has not yet talked directly about a move to the Emirates, but has instructed his team to explore his options.
Sources have informed that Milan are now prepared to sell Leao for a fee in the region of €75-80 million and he has been earmarked as Arsenal’s primary attacking target for the upcoming summer window.
Other targets on Arsenal’s radar
Manchester United are also strongly interested in the 26-year-old, although Arsenal are the frontrunners to secure his signature as things stand. Leao’s links to Arsenal date back to his Lille days, but a deal never happened.
Now, as the Gunners prepare for the 2026-27 season, they aim to strengthen their options beyond Gabriel Martinelli and Leandro Trossard, who have rotated on the left.
Despite Martinelli’s eleven goals this season and Trossard’s valuable versatility, Leao’s proven output, over 60 goals for Milan in Serie A, could elevate their future title pursuits.
In addition, Arsenal scout other talents. Inter Milan’s young striker Francesco Pio Esposito, 20, catches their eye with his Serie A promise, scoring five goals on loan at Spezia.
They also plan to revisit Newcastle’s Sandro Tonali, the Italian midfielder who returned strongly after a betting ban, contributing to Newcastle’s top-four push.
If Arsenal land Leao, it would signal their ambition under Arteta, who has transformed the club into contenders. Milan, meanwhile, might reinvest in youth, but losing their talisman could disrupt their rebuild.