The Nigeria international is on a season-long loan at Fulham from AC Milan - with an option to buy.
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La Gazzetta dello Sport says Fulham have informed AC Milan of their intention to exercise their option to buy Chukwueze.
Chukwueze, who joined on loan in January, has impressed in London, and the Cottagers are prepared to pay the €24m stipulated in the agreement.
For the Rossoneri, the money raised is seen as crucial for their planning in the upcoming summer transfer window.