Heavily coveted Real Madrid striker Alvaro Morata has agreed a move to AC Milan that could cost the Italian side €60 million, La Gazzetta dello Sport's Carlo Laudisa reported Thursday.

The Rossoneri have apparently persuaded the 24-year-old to turn down Chelsea and Manchester United with the promise of earning €7.5 million per season.

Now they must reach a settlement with Los Blancos.

Milan's new sporting director, Massimiliano Mirabelli, thrashed out the offer on a trip to the Spanish capital at the time of the Champions League semi-final between Real and Atletico, according to Laudisa.

A lack of guaranteed playing time has forced Morata to seek employment elsewhere, although he still managed to score 20 goals for Los Blancos in 42 appearances this season.

Laudisa's report dropped a day after Marca's Hugo Cerezo indicated Milan had jumped to the head of the queue for Morata's services.

It is unclear how serious Chelsea and United are about acquiring the Spain international. The Blues reportedly shelved interest in Morata back in March to focus on signing Everton's Romelu Lukaku and Arsenal's Alexis Sanchez, while United has concentrated its recruitment efforts on Morata's next-door neighbour, Antoine Griezmann.

At Milan, Morata would instantly become one of the big-name attractions and garner regular minutes. With Carlos Bacca expected to be sold in the next few months, the Spaniard would have every opportunity to lead Vincenzo Montella's attack and spearhead the club's revolution.

Milan's new Chinese owners have promised to spend big this summer in order to restore the team's standing in European football.

Coincidentally, Morata, who played for Juventus between 2014 and 2016, ended his first Serie A adventure with the winning goal in last year's Coppa Italia final against Milan.