The 22-year-old established himself as an important player under Stefano Pioli last term, banking six goals and six assists from 30 Serie A games, starting 22 of them.
However, with competition for attacking spots rife at San Siro with Olivier Giroud, Ante Rebic and Zlatan Ibrahimovic all jostling for places, Leao was linked with a move away in the summer window.
According to Calciomercato, Wolves - who share a good relationship with Leao's agent Jorge Mendes - made contact over a possible transfer but were swiftly rebuffed by the Rossoneri.
The report adds that Everton, Borussia Dortmund and Marseille were also vying for the attacker's signature, but Milan were able to 'resist the temptation' to part ways with him.
Leao opened the scoring in Milan's 2-0 win over Lazio at the weekend and could line up from the start against Liverpool in Wednesday's Champions League clash.
CSKA Moscow 
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