Leao was subject to interest from Chelsea towards the end of the summer transfer window but they never tabled a concrete offer for him.
The Portuguese will have a year left on his contract at the end of the season and AC Milan have been in talks over a new deal with his representatives.
The Rossoneri want to hold on to one of their best attackers but are wary of more onslaught from the Premier League for him in the winter window.
And according to Italian outlet Tutto Mercato, the Serie A champions are expecting to receive at least two offers from clubs in England in January.
Chelsea have continued to hold an interest in him and are expected to try and make a move for him in the winter window.
It has been claimed that the Blues could look to snare Leao away from AC Milan this winter with an offer equivalent to €120m.
Chelsea could also offer players such as Armando Broja, Christian Pulisic or Hakim Ziyech as part of the deal to bring down the transfer fee.
Manchester City have also been keeping tabs on Leao and will likely throw in their hat for the forward in January as well.
AC Milan want to keep Leao but they could have to make a difficult decision if offers worth €120m are made for him in the coming months.