The 22-year-old has been a huge disappointment since arriving from Eintracht Frankfurt on a six-year deal in 2019.
In 24 appearances for Los Blancos, the Serb has scored just twice, casting his future into doubt already.
Jovic is eager to prove himself at the Santiago Bernabéu, but Corriere dello Sport believes he won’t get the chance.
Fali Ramadani, Jovic’s agent, would favour a loan deal, which would reunite Jovic with his former Eintracht teammate Ante Rebic.
Ralf Rangnick, who is expected to arrive at Milan, knows Jovic well from the Bundesliga and would approve of the deal.