According to Sportmediaset, Adriano Galliani met with Urbano Cairo on Sunday morning to discuss Cerci’s availability and his price.
Milan have begun lagging behind rivals Juventus in their pursuit of Iturbe and have instead turned to cheaper alternatives.
Cerci could still cost €20 million but coach Filippo Inzaghi is after a player capable of playing on the right of a 4-3-3 formation.
Both teams have already done business in this window with Antonio Nocerino moving to Turin for the second time.
Talks are expected to continue for the 26 year-old with Milan confident of striking a deal with Il Toro.
Follow Louis Gibberd-Thomas on Twitter: @mercutio156