The 23-year-old forward has become a key player for the Serie A giants since he completed a £19.7million move from Lille in August 2019.
After taking his time to settle at the San Siro, Leao truly hit form last season as he helped his side to a first Scudetto in over a decade by plundering his way to 11 goals and 10 assists in 34 league appearances.
The forward also netted in a Champions League defeat against Atletico Madrid as his side exited the competition at the group stage and in Coppa Italia ties against Genoa and Lazio before suffering a semi-final defeat against cross-city rivals Inter.
Leao’s form led to a maiden senior call-up to the Portugal squad and he marked his international debut with an assist in a 3-0 win against World Cup Finals hosts Qatar last October.
His form for club and country led to recent reports of interest from Newcastle, with Italian outlet La Repubblica suggesting United would be willing to quadruple the forward’s wages of around £25,000 a week.
However, journalist Dean Jones has scoffed at suggestions the Magpies could tempt the Portuguese international to leave the San Siro and test his undoubted ability in the Premier League.
He told GiveMeSport: “Rafael Leao became a superstar at AC Milan last season, and I’m being told there’s no chance he steps down to a club outside the Champions League any time soon.
“Milan won’t want to lose this guy; he is awesome.
“It’s a nice one for Newcastle to dream about, but that’s all it is for now.”