Emerson, 21, is co-owned by Barcelona who have the option to buy him outright from Betis for €6m in 2021.
Barca could choose to bring forward the transfer in order to sell Emerson for a profit, with Milan very interested.
Any deal for Emerson won’t be easy, with a prohibitive €30m price-tag on his head following an impressive season.
Marc Roca, 23, is a player certain to be on the move following Espanyol’s relegation from La Liga.
With Espanyol dropping to the second tier of Spanish football, Roca will be available for a lower price than before.
Milan are rethinking their summer recruitment plans after calling off a move to bring in Ralf Rangnick.