The Argentine has been left to ponder his future after the Rossoneri confirmed they would not be taking up their option to sign him permanently
The 28-year-old former Barcelona man arrived at the San Siro on a loan-to-buy deal from Catania that saw the Rossoneri fork out an initial €1.5 million.
Seen as an alternative after having failed to sign Manchester City striker Carlos Tevez, Milan have decided against spending the extra €8m to tie up a permanent deal.
"Maxi Lopez always carried himself in an excellent manner, explaining how he became a fan favourite," agent Andrea D’Amico told Tuttomercatoweb.
"He is a top level player who did well when called upon by Milan, putting himself under the spotlight in the right ways.
"We'll now work on finding a solution for him."
Despite expressing his hopes that he would be able to complete the move, it appears Maxi Lopez did not make the cut after scoring only one Serie A goal in eight league games.