Arsenal and Leicester have been placed on high alert after talks regarding a new contract for M'Baye Niang reached a stalemate.
The 21-year-old's current deal runs out in 2019 and Milan have been hoping to persuade the young forward to sign an extension for a further two years.
The Rossoneri have been trying to convince Niang to put pen to paper on a new contract which will take him up to a basic salary of around £1.2m per season.
But now, according to Calciomercato, the discussions have stalled and a move away from the San Siro could now be on the cards.