Lyon were 7th when the French season was cut short, meaning they failed to qualify for Europe for the first time in 25 years.
And according to TuttomercatoWeb, Milan aim to take advantage of that and Depay’s reluctance to renew his contract.
Depay was rated at €50m but his value is dropping, with the belief from France that it has halved.
Milan have made contact already and are exploring a deal for the 26-year-old Dutch international.
The Club’s chief executive Ivan Gazidis will offer €20m to Lyon for Depay, with a future sell-on clause.
Depay joined Lyon from Manchester United in January 2017 and has impressed at the Groupama Stadium with 53 goals in 134 appearances.
Milan believe Depay would be an astute buy for the present and future, as he enters his prime years.