The future of the Portugal attacker doubts in Milan, where he has criticized club icons after an inconsistent season.
Foot Mercato States Arsenal are talking to Leão about a possible movement this summer.
Andrea Berta, the sports director at Arsenal, wants to sign Leao – and he recently made direct contact with the player.
However, Leão is not at the top of the Arsenal wish list – because the club gives other players priority for the following season.
Leao's contract with Milan extends to the summer of 2028.