According to Tuttosport, the Rossoneri could seek to lure Lavezzi back to Italy once Balotelli is out of the picture.
Lavezzi joined the Parisian side from Napoli for €26.5 million and has performed consistently during his two year stay.
PSG’s asking price is €15 million but they may be less inclined to sell if Milan do business with league rivals Monaco.
The 28 year-old has scored 11 goals and made seven assists so far this season.
Follow Louis Gibberd-Thomas on Twitter: @mercutio156