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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Liverpool have unveiled their new home kit for next season, sticking with the hugely popular retro styling of the current shirt.
The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.