Bakayoko, 25, enjoyed a good loan spell with Milan in the 2018-19 season, making 42 appearances.
And with Chelsea wanting to sell the midfielder, Milan are working out a way to get him back.
According to Gianluca Di Marzio, the Rossoneri will ask Chelsea for an initial €3m loan deal.
That would include a redemption clause for €35m next summer, which would make it a €38m deal if they utilised the option.
He states that Bakayoko will accept at least a 40 per cent reduction on his salary if it wins him a move.
Bakayoko has struggled since leaving Monaco for Chelsea in 2017 and even a return to the principality club on loan didn’t go too well.
At Milan, he began to show his best form again and now hopes for a return to the San Siro if the clubs can work out a deal.