The 25-year-old joined Chelsea from Monaco for €40m three years ago, but has been a disappointment.
His poor form at Chelsea led to loan spells at AC Milan and former club Monaco, where he fared well.
His good performances have led to Paris Saint-Germain showing interest, but director Leonardo has been put off by Chelsea’s demands.
The English club do not want to lose much money on the midfielder and are asking for €35m.
And le10sport claims that Milan, where Bakayoko left an excellent impression, would like him back. As things stand, the Rossoneri are best positioned to sign Bakayoko.
However, West Ham are ‘studying the matter very closely’ and considering an offer to bring him back to the Premier League.
Despite Chelsea’s preference to sell Bakayoko, another loan move may be more realistic in the current economic climate.
Bakayoko is under contract at Stamford Bridge until June 2022.