Aquilani would jump at the chance to return to Serie A on a permanent basis and the 27-year-old's agent, Franco Zavaglia, believes the Premier League side could be prepared to sell the player for as little as 10million euros (£8.7million), having paid Roma a reported £20million almost two years ago.
Zavaglia confirmed there is truth in Milan's interest, and he expects to speak with the club's representatives after their Super Cup meeting with Inter in Beijing on Saturday.
"When you speak of such a negotiation, there is always an element of truth," he told ilsussidiario.net.
"Galliani is now in China for the Italian Super Cup, but I expect to talk to him when he comes back to Milan.
"I think an agreement could be reached for a figure around €10million."
However, Liverpool may hold out for a higher fee to minimise their potential loss, and Zavaglia is aware Aquilani's future remains in his club's hands.
He added: "Aquilani is still tied to a three-year contract with Liverpool and before his eventual departure we will talk with the leadership of Liverpool.
"It seems clear to me that the player doesn't fall into the technical plans of the coach, so the suggestion of his departure is concrete."
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