Bakayoko recently confirmed that a permanent move is dependent on the club's ability to secure a return to the Champions League for the first time since the 2013-14 season.
The 24-year-old has enjoyed his time in Serie A so far after struggling to make an impact at Stamford Bridge and, despite admitting that his future remains unclear, his focus is squarely on helping the Rossoneri qualify for European football's premier competition.
"When I think of my future, it is a total blur," he told France Football. "I cannot empty my head.
"I'm doing everything to qualify for the Champions League. It's been five years since the Milan fans have heard the Champions League anthem and I want to be there the next time it sounds in San Siro.
"I'm having a good season, I'm very grateful to Milan. I'm very happy here, although at first, I was criticised. But it's normal, they expected more, there is no problem."
Bakayoko joined the Blues in 2017 after helping Monaco to secure a surprise Ligue 1 title win.
The team from the principality also reached the Champions League semi-final in a remarkable season that saw the rise to prominence of a number of stars, including World Cup winner Kylian Mbappe.
Mbappe was sold to Paris Saint-Germain at around the same time that Bakayoko left for Stamford Bridge, as Monaco's championship-winning team was broken up in the wake of their success.
Bakayoko appeared 43 times in all competitions for Chelsea in his debut season, but failed to recreate the form that had seen him shine in the French top flight, and was allowed to leave for San Siro in the summer of 2018.