Milan Vice-President Adriano Galliani flies to Madrid on Monday for talks over Kaka’s future.
However, the Serie A giants are considering unsettled Roma striker Bojan as an alternative if they are unable to reach a compromise deal with Real Madrid regarding the Brazilian..
According to Sky Sport Italia, they hope to take the Brazilian on loan with a mandatory option to buy at the end of the season, therefore spreading the cost to the next financial year while still giving Real guarantees.
Milan would also give him the opportunity to play in the Champions League.
Bojan is still owned by Barcelona after signing for the Italians last summer for a fee of €12m, with the Catalans having the option to buy him back in 2013.
If the Giallorossi want to keep Bojan after that date they must pay €28m.