The striker was signed from Eintracht Frankfurt in a reported €60m deal last summer but has struggled to settle in the Spanish capital, where he has started just four La Liga games and netted two league goals this campaign.
This week, a report in Marca claimed Los Blancos were now listening to any offers for the striker this summer as they seek to move him on after just one year.
It was outlined by the report that the striker has struggled to integrate into Madrid’s squad and his demeanour has been ‘cold and reserved’.
El Mundo Deportivo cite reports from England and Italy that there is interest from both the Premier League and Milan in the striker.
Madrid could be willing to sell the striker for as little as €35m this summer and it is said that the Rossoneri could not afford such a fee, but could request a loan deal with a purchase option as they seek to replace the outgoing Zlatan Ibrahimovic.
Jovic has made more headlines for his behaviour off the pitch this year – he is currently self-isolating as a precautionary measure against coronavirus and he reportedly broke quarantine conditions earlier this year.
He has netted two goals and provided two assists for the club which means a participation in a goal, on average, each 192.5 minutes.
Serbian striker Jovic was prolific for Frankfurt last season and he netted a devastating 27 goals for the club, including 10 in the Europa League.
That prompted the Bundesliga club to trigger their purchase option on a deal from Benfica, before selling permanently to Madrid – where he has failed to dislodge primary attacking star Karim Benzema.