The Italian giants are understood to be one of several clubs interested in Jackson, 24, after he appeared to fall down the pecking order at Chelsea.
Following the arrivals and subsequent form of Liam Delap and Joao Pedro, the Senegal international may well be Chelsea’s third choice striker.
According to the Daily Mail, Enzo Maresca’s side have no intention of letting Jackson go and have set the asking price as a deterrent to any interested parties.
Jackson may have the final say, however, with the report adding that his representatives have told AC Milan he would be interested in the move.
Massimiliano Allegri’s side only have one recognised number nine on their books in Santiago Gimenez with Luka Jovic and Tammy Abraham leaving earlier in the summer.