Shevchenko has struggled to make an impact for the Blues since his £30million transfer to Stamford Bridge from the Rossoneri in May 2006.

Yet despite having been a big hit in Serie A, Shevchenko's agent Fabio Parisi does not expect Milan to part with any money for the forward.

He said: "(AC Milan vice-president Adriano) Galliani has always been very clear when stating that the deal can only be done if Chelsea allow Milan to have the player as a free loan.

"If Chelsea owner Roman Abramovich will give his okay then I think the deal could be done."

Milan are looking to reinforce their attacking line this summer and would welcome the 31-year-old back with open arms, although their main target remains Barcelona's Ronaldinho.