According to Four Four Two, Milan wanted to take the player on a two-year loan, with an option to sign him at the end of the deal for £35m.
The Italian heavyweights want to create a competitive side that will challenge Juventus for major honours next year and in order to do that, they want to add more quality players to their ranks.
As for Sanches it's been a hard first season with the perennial Bundesliga champions after his big money move from Benfica following an impressive Euro 2016 campaign with Portugal.More news: Warmer temperatures this weekend
After the signing Sanches in May last year, the 19-year-old has struggled to make a real impact at the Allianz Arena.
Andre Silva, another star client of Jorge Mendes, has in fact joined AC Milan this summer, the Serie A giants want Renato Sanches to be the next one. Carlo Ancelotti's side have signed Corentin Tolisso, Sebastian Rudy and James Rodriguez, making it even more hard for Sanches to get regular playing time. Indeed, United were strongly linked with Sanches prior to Euro 2016, with Bayern's bid eventually enough to persuade Benfica to part with the midfielder.
AC Milan reportedly open talks with Bayern Munich over the potential signing of Portugal midfielder Renato Sanches.More news: Pakistan targets ISIL in operation along Afghan border
Bayern's transfer fee for Sanches could rise to €80m if the player is named in the top three for the Ballon d'Or, or in the Federation Internationale de Football Association team of the year.
'At least I have the impression that AC Milan are not ready to meet our demands.More news: Xiaomi Mi 5X Specs and Price Leaked
- IIFA 2017: Alia and Shahid receive Best Actor Award for Udta Punjab
- Baby Justin Trudeau Met His Namesake And It Was Beyond Adorable
- Pipe falls on van in Orlando
- Cabrera Bello: I played round of my life to win Scottish Open
- Murray, Hingis Win Wimbledon Mixed Doubles
- Feng leads by one at US Open
- Anytime: Amazon's new messaging app to make it's debut soon
- Aston Villa fans react to latest signing - 'About time', 'buzzing'
- Presidential Election 2017: Himachal Pradesh Records 100 Per Cent Polling
- As protests hit Indu Sarkar, firector has a question for Rahul