AC Milan are closing in on completing the signing of striker Luka Jovic from Real Madrid, a report claims, with the transfer formula set.

Jovic has been repeated linked with a move to Milan this summer as the club eye a new centre-forward amid doubts over the future of Zlatan Ibrahimovic and the imminent arrival of Ralf Rangnick.

According to a report from Marca, the Serbia international can leave Real this summer after a first season at the club which saw him score just twice.

Milan are the team closest to securing his signature too, as his agent Fali Ramadani is set to meet with the Rossoneri leadership to try and close an agreement.

The idea is to reach a deal on the basis of a loan for two years with an option to buy, and it is believed that everything can be defined if Jovic’s €5m-a-year salary can be cut slightly.