The 34-year-old striker represented France at Euro 2020, but after their elimination from the tournament by Switzerland in the Round of 16, he will assess his future at club level despite signing a contract extension with the London-based team until June 2022.
Meanwhile, the 26-year-old defensive midfielder has struggled to establish himself with the Blues and he spent the 2020/21 campaign on loan with Napoli.
La Gazzetta dello Sport reports that AC Milan are still trying to lure Giroud and Bakayoko from Chelsea, and the French duo will be their priority during the summer transfer window.
The French forward has been identified as the ideal back-up for Zlatan Ibrahimovic in attack whereas the defensive midfielder is expected to deputise for Franck Kessie whenever possible.
Bakayoko has played for AC Milan previously, featuring in 42 competitive matches during a loan spell in the 2018/19 campaign.