West Ham and AC Milan have eyes on Bakayoko, but Monaco have decided not to make a permanent move.
Instead, the principality club are looking at Senegalese midfielder Kanouté, RMC Sport reveals.
Kanouté plays for Pescara in Serie B, but has been on loan at Cosenza this season, where he has made 17 appearances.
The 21-year-old was at Juventus during his youth days and has yet to be capped by Senegal.
Massimiliano Notari, head of recruitment at Monaco, has been impressed by Kanouté.
It isn’t clear how much Pescara would demand for the promising midfielder, but he would be a lot cheaper than Bakayoko.
25 players to leave
Monaco are trying to balance the books this summer and have made a list of 25 players available for transfer.
It will be a very busy summer of exits at the Ligue 1 club, but they will also be signing players.
Another name Monaco want to sign is Anthony Musaba, a 19-year-old Dutch winger who plays for NEC Nijmegen.
Musaba has shone in the second level of Dutch football this season, scoring seven and assisting five goals.