Bacca spent last season on-loan at the Yellow Submarine.
"I feel good and I'd like to stay in Spain," Bacca confirmed to Fox Sports Colombia.
“We're waiting, I have a contract with Milan and I respect it. I need to wait until I can go back and talk to them about the situation and what they want from me. Then I'll say what I want and we'll make the decision.
“I will return with hope as always, with the desire and optimism to do things right. We do not know what will happen, we leave everything in the hands of God.
“I have to present myself at Milan, but I doubt I'll stay in Serie A with [Cristiano] Ronaldo.
“I have a contract with Milan, I have to go back and I do not know what will happen. When I come back, I will talk with them and we'll see."