Kubo has been on-loan with Real Mallorca this term, where he has shone in his first senior season in Europe.
Real are delighted with his progress and wish to loan him out again next season - to a Champions League qualified team.
Local reporter Pablo Pinto told Cadena SER: "Real Madrid would like Kubo to participate in a European competition next season.
"And for now, the Rossoneri are not in a position to qualify for a European competition, but if they do qualify, Milan is in pole position to take over the loan from Kubo next season."
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