The young Italy international is expected to leave Milan this summer after enduring a rough time with home supporters this past season.
Corriere dello Sport says immediately after Saturday's Champions League final, Liverpool will table an opening €40m offer for Donnarumma. However, the Rossonero rate Donnarumma at €70m.
Milan chief Massimiliano Mirabelli stated last week: "He is part of the club's heritage and we wouldn't let go of him easily, unless of course someone values him the way he must be valued.
“If a good enough offer arrived, any of our players could be sold. There are far richer clubs out there and we have to choose other paths."