The 28-year-old has been stuck as an unused substitute on the San Siro bench as Milan try to avoid triggering an automatic £13million purchase clause based on appearances.
The one-time France international hasn’t played for Milan since May as they aim to keep him from reaching the mark of 15 appearances across the two-year loan stint that would trigger the clause.
Neither Milan nor Chelsea have an interest in Bakayoko’s long-term future and are watching his transfer value rapidly spiral downwards.
If he is not released, then he will return for a final season at Stamford Bridge in 2023/24 on wages of £120,000-a-week.
Talks are ongoing to break the loan agreement but his current Chelsea contract entitles him to around £9m a year which would help him secure a hefty compensation package for leaving the Blues early.
Departing west London would help Bakayoko to revive his career after failing to make the grade at Chelsea following a £40m move from Monaco in 2017.
Clubs such as Serie A minnows Monza have tried to hijack his loan at Milan but his wage demands have scared off suitors in recent years.