La Gazzetta dello Sport claim that the Premier League side have submitted the bid to the Italian outfit.
Milan are reluctant to listen to offers for the 20 year old sensation, but such is the size of the deal that they may well be turned.
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The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.
Five English clubs will compete in the last sixteen of the Champions League for the first time ever as Liverpool, Manchester United, Manchester City, Chelsea and Tottenham face some difficult away matches.