The 30-year-old's current deal runs to the end of next season and Milan are keen to negotiate an extension but want a 25 per cent reduction on his current terms of a reported £135,000 a week.
Brazilian side Flamengo are keen to strike a deal for the player, but the two-time World Player of the Year is understood to be keen for one more challenge in Europe before returning home.
Ronaldinho has twice before been close to moves to England and still harbours a desire to play in the Premier League, according to sources in Italy.
Manchester United famously tried to sign the Brazilian from PSG ahead of Barcelona in 2003 and in recent seasons Chelsea and Manchester City have been reported to have shown an interest too.
The former Gremio star has returned close to the form that made him the best player in the world and has proved one of Milan's key players in a season where they are currently third in the Serie A table.
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