AC Milan are not treating Rafael Leão like a standard cash-only sale. The reports around him now point to a loan with an obligation to buy, which is why Tottenham have been drawn into the conversation at all. The valuation being floated sits around €60 million, while some outlets put the range at €51 million to €60 million or €60 million to €70 million.

Milan's preferred deal shape

Jorge Mendes has reportedly offered Leão to Tottenham, with the structure doing as much work as the name attached to it. That is the part worth watching. Milan are said to be open to a loan deal with an obligation to buy rather than insisting on an outright sale, which gives Spurs a route they would not have in a straight bidding war.

Leão has also made the move feel less speculative from his side. Speaking to express.co.uk, he said: "I think I gave Milan everything I could give... And I also want to take on a new challenge in a new league."

His 2025/26 output, 10 goals and 3 assists in 31 appearances, is useful context rather than a hard sell. It is not a peak-level season, but it is enough to keep elite clubs interested when the asking structure is flexible.

Tottenham's place in the race

Tottenham's case is practical rather than glamorous. They finished 17th in the Premier League last season, and their recent league form was WLDWW, so a winger of Leão's profile would fit the need for more reliable attacking output.

They are not alone in the picture. Manchester United are also described as a serious rival, and Barcelona-linked reporting has kept Barcelona in the frame too. Express.co.uk suggested United are the most likely destination, while other reporting puts Spurs as an appealing landing spot and says Barcelona are back in the race.

For Tottenham, the attraction is obvious enough. They are being offered a deal structure that spreads the cost, and Leão has already said he wants a new challenge in a new league. The price and the competition still matter, but the shape of the move is what has put Spurs in the discussion in the first place.

Written by Jack Mercer with AI-assisted research, cross-checked against 5 outlets. How we work →