The French midfielder may be joining the Rossoneri on a season-long loan, with the option for the Italian club to buy the 23-year-old at the end of the campaign for around €30m.
Bakayoko and his entourage appear to be willing to have a go in Serie A, following Wednesday's meeting between the Italian giants and the player's agents.
The only hitch slowing down the transfer operation is the Frenchman's salary. According to Sport Mediaset, Milan are not in the position to offer Bakayoko the same €6.5m salary he currently enjoys at Chelsea, especially considering the Financial Fair Play limits hovering around the Italian club.
AC Milan, however, are confident that the London-based club will be ready to subsidise part of Bakayoko's salary, in order to facilitate the French midfielder's loan move to Serie A.
If the 23-year-old is to make his way to Milan this summer and ultimately to impress the Italian club in the upcoming season, there is a possibility that I Rossoneri will prepare a five-year contract for the Frenchman.
Bakayoko joined Chelsea last July from French side Monaco for a fee around the £40 margin, scoring twice for the Blues in 29 appearances.
The defensive midfielder's see-sawing and inconsistent season at Stamford Bridge has convinced Chelsea to bid farewell and let him leave, following the arrival in London of Real Madrid ace Kovacic on loan.