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Rafael Leao's asking price slashed: What's happened to AC Milan attacker?

Updated: 2 May 2026 23:39 BST | 5 min read

Rafael Leao, AC Milan, 2025/26

It wasn’t so long ago that Rafael Leao was being touted for a €120 million move to Chelsea. With the summer transfer window looming, though, AC Milan are ready to sell the Portugal winger for a fraction of that fee, with Manchester United one of the sides hunting the forward Lille attacker.

Last week, it was revealed by Gazzetta dello Sport that the Serie A giants are willing to sell the 26-year-old for just €50m, just six months after they had put a price tag of more than twice that on his head.

What’s happened to see the status of the attacker to see his valuation collapse so totally?

Rafael Leao’s tumbling asking price

As with so much in football, perception is key. Leao’s Estimated Transfer Value (ETV) has remained pretty steady over the course of the season. Last July, FootballTransfers’ algorithm valued him at €72.5m, this figure has slipped only marginally to €70.7m.

Milan’s estimation of him, though, has rapidly declined over the course of the season.

Initially, their price for the striker was €50m above his ETV. Just half a year later, Milan are reportedly willing to accept a bid more than €20m below an almost identical ETV figure.

Rafael Leao, AC Milan

Leao’s Milan decline

Leao’s highs in Milan have been staggering. Back in the 2021/22 season, he was named their MVP as they won the Scudetto, boasting 11 goals and 10 assists in 34 Serie A appearances.

With a clamour for clubs to sign him, he was rewarded with a new contract in 2023 that saw his pay raised to €7m per year and an enormous release clause worth €175m placed in that agreement that was valid for a year. It was during this era that he was seriously being linked to Europe’s biggest clubs for an astronomical fee.

This bumper new agreement, though, did not lead to Leao reproducing the impact he had at his best. By the end of the following season – during which he scored 15 goals and generated 14 assists – he was being whistled by the Milan fans. In particular, two poor performances against Roma in the Europa League led to criticism.

Leao has never recovered. At the beginning of the 2024/25 campaign, he was relegated to the bench for disciplinary reasons and drew further criticism for his apparently relaxed attitude about it all.

The slide has continued. He has publicly clashed with head coach Max Allegri, and though he remains Milan’s top scorer this season, he has not found the net in two months. A new chapter of discontent was opened last weekend in the clash against Juventus to a chorus of boos from the Milan crowd, just as they had done a fortnight earlier against Udinese.

What now for Rafa Leao?

Leao’s time at Milan has simply run out. His intrinsic value remains high, but the perception of the player has declined so much at San Siro in recent months, it has left the club with nowhere to go.

Data analytics firm SciSports, which gives players a SciSkill rating based on in-game stats, shows that he is in a period of ‘significant decline’. His SciSkill has slipped over the last 18 months. Crucially, it believes he still can get back to his absolute best level.

Rafeal Leao, AC Milan, Career Performance

Gazzetta dello Sport reports that their plan is to wait until the World Cup and see what interest arises. No doubt, the hope is that he sparkles with Portugal and regains some of the hype that surrounded him at his best.

There is still a market for Leao. Arsenal have held an interest in him this year, FootballTransfers revealed back in February, while Chelsea, Liverpool and Man Utd are all in the market for a left-sided attacker and would no doubt be tempted by an in-form and mentally present version of the Portuguese.

Leao may no longer have the €120m hype, but there is still a top player in there bursting to get out. It just requires the right combination of manager, club and circumstances.