Manchester United are reportedly preparing an opening bid for AC Milan winger Rafael Leao (26) that could involve offering Marcus Rashford, Joshua Zirkzee, or Manuel Ugarte as part of a multi-player swap deal. According to reports in Italy from La Gazzetta dello Sport, the Serie A club has significantly reduced its valuation of the Portuguese international to approximately €50 million (£43 million), a sharp decline from the €175 million release clause previously cited by the Rossoneri. The move comes as United seek a more cost-effective alternative to Aston Villa’s Morgan Rogers, who is valued at nearly £100 million by the Midlands club.
Zirkzee and Rashford lead potential swap options
Joshua Zirkzee (23) is considered the most viable makeweight in negotiations, having struggled for consistency at Old Trafford with only 551 minutes of football in the 2025/26 campaign. Italian journalist Carlo Pellegatti, speaking via Manchester Evening News, noted that Zirkzee was a primary Milan target before joining United and could be used to subsidise the cash element of the Leao deal. Simultaneously, Marcus Rashford (28) faces an uncertain future following a productive loan spell at Barcelona, where he recorded 26 goal contributions in 45 matches. While Barcelona hold a £26 million option to buy the forward, TEAMtalk reports that financial constraints at the Camp Nou may prevent them from triggering the clause, leaving United to shop Rashford to Italian suitors.
Milan’s market correction and tactical shifts
Leao’s tenure at the San Siro appears to be reaching a natural conclusion following a breakdown in relations with the club’s supporters. Per Goal, the winger was booed by the Milan faithful during a recent match against Juventus, a game attended by United scouts. This market correction follows a dip in form that saw Leao’s valuation plummet from a high of £152 million. For United, the acquisition offers manager Michael Carrick a high-ceiling solution on the left flank as the club pivots toward a creative transfer strategy to satisfy Profit and Sustainability Rules (PSR). By offloading fringe assets like Zirkzee or the recently peripheral Manuel Ugarte, United aim to secure an elite attacker while keeping the net spend well below the £50 million mark.
The deal remains contingent on United finalising their European status for next season as they approach mathematical confirmation of a return to the Champions League.