La Gazzetta dello Sport say that while Milan exercised the option to buy Jimenez following his loan spell last season, the defender also has a return ticket to Real Madrid.
Real Madrid have reserved a 'counter right' for the player that they can exercise in 2025 or 2026.
The full-back is now starting to make an appearance in Milan's first team, starting against Genoa, where he completed his first minutes in the league this season.
Jimenez spent much of last season with Milan's Primavera team.
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