The midfielder, who missed most of the season through injury, is said to be willing to accept a huge pay cut in order to prolong his stay at San Siro for a further two years
Flamini, who will be a free agent this summer, appeared to be heading for the exit door at San Siro after publicly criticising coach Massimiliano Allegri for refusing to explain why he was being frozen out of the first team, despite having recovered from the knee injury he suffered last August.
However, it was reported earlier in May that the Rossoneri had offered Flamini a two-year contract extension. The new deal would see his current wage drop from €4.5 million per season to €2m, but, according to La Gazzetta dello Sport, the Frenchman is willing to accept the drastic pay cut in order to remain at San Siro.
The paper also claims that should the former Arsenal midfielder commit himself until 2014, Milan will allow Aquilani to return to Liverpool.
The Italian spent the season on loan with the Rossoneri but his campaign was interrupted by injuries and he was restricted to just 23 appearances in Serie A. Aquilani still has two years to run on his existing contract with Liverpool.