The summer transfer window doesn’t slow down. And for Arsenal fans who’ve kept one eye on Rafael Leao for years, the latest update from Italy might just quicken the pulse.
AC Milan have reportedly set an asking price of around €50 million for the Portuguese forward, according to Fichajes. That’s a fraction of the €175 million release clause that once sat in his contract. It’s also well below the €75-80 million Milan were demanding just five months ago.
So what’s changed? And should Arsenal finally make their move?
Leao Has Made His Feelings Clear
There’s no ambiguity here. Leao himself went public with his desire to leave.
Speaking to Portuguese outlet SportTV at the end of last season, he said he felt he’d given everything he could at Milan and expressed his ambition for a new challenge in a different league.
That interview caught Milan off guard, according to Fabrizio Romano. But it didn’t come out of nowhere. The 27-year-old has endured a frustrating 2025-26 campaign. He was shifted from his natural left-wing position to a centre-forward role under Massimiliano Allegri, and his output suffered. Milan also missed out on Champions League qualification, removing a major incentive for him to stay.
His record at the club still speaks volumes, though:
- 291 appearances across all competitions
- 80 goals and 65 assists
- Serie A MVP during Milan’s Scudetto-winning 2021-22 season
He’s not a player in decline. He’s a player who needs the right environment to thrive again.
Why Arsenal Makes Sense and Why It’s Complicated
Arsenal’s interest in Leao isn’t new. Reports from TEAMtalk, FootballTransfers, and Foot Mercato have tracked the Gunners’ pursuit going back multiple windows. Earlier this year, FootballTransfers reported that sporting director Andrea Berta held face-to-face talks with Leao’s camp, and that the player instructed his representatives to engage in negotiations.
A source close to the situation told TEAMtalk back in October 2025 that Leao was open to the Premier League, saying he loved Milan but saw England’s top flight as the pinnacle.
There’s obvious appeal. Leao’s pace and directness could add a different dimension to Arteta’s attack. He’s comfortable on the left wing and as a striker. And at €50 million, he’d represent strong value for a Portugal international entering his prime years.
But Arsenal haven’t been idle this summer. They’ve already signed Christos Tzolis from Club Brugge for around £34 million to play on the left. Leandro Trossard has departed for Besiktas. Piero Hincapie’s loan move from Bayer Leverkusen was made permanent, and Illan Meslier arrived on a free from Leeds.
The question is whether Arteta and Berta see Leao as an addition or a luxury. Arsenal won their first Premier League title in 22 years last season. They lost the Champions League final on penalties to PSG. The ambition is clear, but so is the need to be selective with resources.
The Competition for Leao’s Signature
Arsenal aren’t the only club circling. Fenerbahce have made the first concrete bid — a package reportedly worth around €40 million plus bonuses, structured as a loan with an obligation to buy. Milan rejected that offer, holding firm on their €50 million valuation.
Galatasaray also remain interested, following a similar playbook to the one they used to sign Victor Osimhen from Napoli. Matteo Moretto, speaking on Fabrizio Romano’s YouTube channel, confirmed that both Turkish clubs are the most active suitors right now but noted that Leao still prioritises a move to a project at what he considers the highest level.
Barcelona have also been linked, though reports from Matteo Moretto suggest they view Leao more as an alternative option than a priority target. Manchester United’s interest has been well documented, too, but Arsenal have consistently been described as frontrunners when it comes to Premier League clubs.
The landscape is fluid. Milan want €50 million. Fenerbahce are pushing for a deal in the low €40 millions. And Leao himself reportedly wants wages of around €10 million per season.
If Arsenal decide to step in with a serious offer, they’d likely leapfrog every rival in the queue. The real question isn’t whether they can afford him. It’s whether they believe he’s the missing piece.
What Happens Next
The transfer window closes on September 1. Milan aren’t in a rush to sell on the cheap, but they’ve accepted that Leao’s time at San Siro is over. Ruben Amorim isn’t counting on him for next season.
For Arsenal, the timing is interesting. They’ve already upgraded on the left with Tzolis, but Leao would represent a significant step up in pedigree and international experience. Could he coexist with Tzolis and Bukayo Saka in a rotating attacking system? Absolutely.
At €50 million, Leao is available at a price that would’ve seemed impossible 12 months ago. Arsenal have tracked him for years. The door is open. Whether they walk through it could define the rest of their summer.
