According to sports daily Corriere dello Sport, the proposed deal would be for 70 percent of the club, worth around 400 million euros (Dhs1.6bn).

Gazetta dello Sport though reported the deal is worth between 600 and 700 million euros, equivalent to a majority, but did not elaborate further.

The identity of the bidder is not known for certain, but Corriere dello Sport speculated that it could be from either internet entrepeneur Robert Li or He Xiangjian, who made his fortune in producing air conditioning.

Both men are among the 10 richest in China, according to the 2015 Forbes rich list.

After finishing ninth and eighth in the last two seasons in Serie A, Milan are struggling again this season and sit sixth in the table, meaning that they will again miss out on the Champions League.

Cristian Brocchi took over from the sacked Sinisa Mihajlovic as manager earlier this week.