Fenerbahce Make First Leao Offer to Milan Total 40m Plus Bonus: Turkish Giants Push for January Deal

FolioPitch.com – 28 July 2026 | In a major development in the January transfer window, Fenerbahce make first Leao offer to Milan total 40m plus bonus, according to multiple reports from Italy and Turkey. The Turkish Super Lig side has submitted a proposal worth €40 million plus €2 million in performance-related add-ons for AC Milan winger Rafael Leao. The offer structure includes an initial €5 million loan fee followed by a €35 million obligation to buy at the end of the season, but Milan are holding out for a permanent transfer straight away.

Fenerbahce make first Leao offer to Milan total 40m plus bonus as they look to bolster their attack for the second half of the season. The Istanbul club sent director Cihan Kamer and his delegation to Italy on Monday evening, with the executive filmed arriving at Malpensa Airport. This physical presence in Italy underlines the seriousness of their pursuit. However, Milan have made it clear they will not entertain loan deals, even with an obligation to buy. The Rossoneri need immediate cash to balance their books after spending over €100 million in the summer on Goncalo Ramos and Mario Gila.

According to Sportitalia and Turkish transfer pundit Yagiz Sabuncuoglu, the proposal is indeed around €40 million. Sport Mediaset provided more precise details, confirming the loan-plus-obligation structure. Leao is reportedly prepared to sign a contract worth €12 million per season net, which would more than double his current salary at San Siro. The Portugal international has been linked with several clubs in recent months, including Galatasaray and Benfica, but Fenerbahce have now made the first concrete move.

Milan’s asking price remains fixed at €50 million, and they have previously warned Galatasaray and Benfica that only permanent transfers would be considered. The Rossoneri are under pressure to sell in January to fund other moves, and Leao is unlikely to stay beyond this season. While Fenerbahce make first Leao offer to Milan total 40m plus bonus, negotiations are expected to continue as the Turkish side may need to improve their bid to meet Milan’s valuation.

Leao, 26, has been a key player for Milan since joining from Lille in 2019, contributing goals and assists from the left wing. His explosive pace and dribbling ability make him one of the most sought-after attackers in Europe. This season, he has scored 8 goals and provided 5 assists in all competitions, but a potential move to Turkey would offer him a fresh challenge and a significant salary increase.

Fenerbahce are currently competing for the Super Lig title and want to add quality to their squad for the second half of the campaign. The club’s president, Ali Koç, has been aggressive in the market, and the Leao pursuit signals their ambition to compete in European competitions. Fenerbahce make first Leao offer to Milan total 40m plus bonus, but they may need to increase the guaranteed portion to convince Milan to sell.

Milan’s financial situation is delicate. The club has already spent heavily and needs to offload players to comply with Financial Fair Play regulations. Leao is one of their most valuable assets, and selling him for €50 million would provide a significant boost. The Rossoneri are also exploring other exit routes for fringe players, but Leao’s departure would be the most impactful.

From a tactical perspective, Fenerbahce manager Ismail Kartal would likely deploy Leao on the left wing, where he can cut inside onto his stronger right foot. His arrival could see the departure of current wingers such as Ryan Kent or Irfan Can Kahveci. The Turkish side has a strong fanbase and a history of attracting big-name players, and Leao’s signing would be a statement of intent.

As the January transfer window heats up, all eyes are on the negotiations between Milan and Fenerbahce. While the initial offer has been rejected, the two clubs remain in contact. The coming days will be crucial in determining whether this move materializes. For now, Fenerbahce make first Leao offer to Milan total 40m plus bonus, but a higher bid may be required to secure the Portuguese star.

In conclusion, Fenerbahce’s pursuit of Rafael Leao represents a bold move by the Turkish club. The offer of €40 million plus bonuses is a strong starting point, but Milan’s demand for a permanent deal could see the negotiations drag on. Leao’s desire for a higher salary and a change of scenery suggests this transfer could eventually go through. The outcome will depend on how much Fenerbahce are willing to increase their offer to match Milan’s €50 million valuation.