The 25-year-old has established himself as a star player for Milan since joining from Lille in August 2019, scoring 58 goals and providing 50 assists in 211 appearances across all competitions.
Leao, was named Serie A Player of the Year in 2021-22 after recording 11 goals and 10 assists in 34 matches to help the Rossoneri win the title that season.
The Portugal international then contributed with 15 goals and 14 assists in 47 appearances last season and has subsequently caught the eye of several top European clubs including Barcelona, Paris Saint-Germain, Manchester United and Chelsea.
Indeed, a recent report claims that Barca 'will try' to sign Leao this summer, with the left-sided forward valued between €90m (£77m) and €100m (£85m).
Milan chief: 'Leao will stay at Milan this summer'
However, Barcelona seemingly face an uphill battle to secure the services of Leao, as Milan CEO Giorgio Furlani has insisted that the forward will remain at San Siro this summer.
Speaking to El Chiringuito TV, as quoted by journalist Fabrizio Romano, Furlani said: "Rafa Leao will not leave AC Milan this summer.
"Barcelona move? No chance. No way. He's not leaving the club. 100%. If Rafa asks to leave? He's not going to ask to leave the club. I think my message is quite clear, no?"
Earlier this year, Leao responded to transfer rumours and reiterated his commitment to Milan, where he is under contract until June 2028.
What next for Barca? Who else could they target this summer?
Barcelona are understood to have identified Leao as an alternative to top summer target Nico Williams, who is expected to remain at Athletic Bilbao this summer as the Catalan giants are refusing to activate his €55m (£47m) release clause.
New head coach Hansi Flick has already seen versatile attacker Dani Olmo join the club for a reported £51m, but Barca are believed to be keen to reinforce their squad with a new wide forward before the transfer window closes.
One name who has been linked with the La Liga club is out-of-favour Juventus winger Federico Chiesa, who is surplus to requirements under new boss Thiago Motta and could be available for as little as £12.8m.
Meanwhile, a report from Spanish news outlet Sport claims that Barca could make a shock loan offer for Man United's Jadon Sancho, who's situation at Old Trafford is being closely monitored by sporting director Deco.