The 25-year-old has spent the last four seasons at Monaco, making 175 appearances in all competitions, but the France international has expressed his desire to seek pastures new this summer.
According to journalist Fabrizio Romano, Monaco have rejected a €30m (£25.3m) bid from Nottingham Forest for Fofana, who would prefer to finalise a move to AC Milan.
Romano adds that Fofana has already agreed personal terms with the Serie A giants, who remain in negotiations with Monaco over a transfer fee.
Milan are set to use the funds generate from the sales of Charles De Ketelaere and Rade Krunic earlier this summer to lure Fofana to San Siro.
Chambers 'on brink' of permanent move to Cardiff
Over in England, Aston Villa defender Calum Chambers is reportedly closing in on a move to Championship club Cardiff City.
Chambers moved to Villa Park from Arsenal in 2022, but he has struggled to gain regular first-team football under Unai Emery and featured just eight times in all competitions last season.
The 29-year-old now looks set to drop down to the second tier, as BirminghamMail claims that the defender is expected to complete a permanent transfer to Cardiff.
The report adds that the Bluebirds have booked in a medical for Chambers ahead of his proposed move to South Wales.
Chambers has just one year remaining on his Aston Villa contract and is set to reunite with former Arsenal teammate Aaron Ramsey at Cardiff.
Di Lorenzo performs U-turn on Napoli future
Elsewhere, Giovanni Di Lorenzo has confirmed his decision to stay at Napoli in an open letter to the club's supporters.
The 30-year-old captain was keen to leave Napoli earlier this year as he felt 'disrespected' by the Serie A club, according to the right-back's agent.
However, following a positive conversation with Napoli's hierarchy, Di Lorenzo has decided to commit his future to the club, now managed by Antonio Conte.
"In the past few weeks our love has been a bit messy or "scumbinato" as Pino Daniele sang in one of his wonderful songs," Di Lorenzo said in a statement. "Even in the most beautiful and intense of stories, moments of crisis can occur.
"All those who hold Napoli dear to their hearts have had a very difficult 12 months. They have been the hardest of my career. Going from the indelible joy of winning the Scudetto to the sadness of a season in which we could not achieve anything was a difficult pill to swallow. I could sense your disappointment and my teammates and I were not able to change the course of our year.
"I'll admit, I toyed with the idea of leaving. I could feel your unhappiness towards me and, as the president said, I had felt abandoned by the club. After the decline we experienced on the pitch, it was all understandable: your anger, the club's frustration, my confusion.
"My relationship with my agent Mario Giuffredi goes beyond just the professional sphere. He sensed my discomfort and he did his job, seeking to protect me and act in my interests. There's no one happier than he is that I'm staying at Napoli... The message that I can give to you is very simple: I can't wait to start again. I feel like I am one of you."
Di Lorenzo has spent the last five seasons at Napoli, making 231 appearances across all competitions, and he has four years remaining on his contract.