The Italian giants are supposed to be one of the many clubs that are interested in Jackson, 24, after he seemed to fall into the pecking order in Chelsea.
After the arrivals and the subsequent form of Liam Delap and Joao Pedro, the Senegal International is perhaps the third choice of Chelsea.
According to the Daily Mail, the side of Enzo Maresca does not intend to let Jackson go and to have determined the asking price as a deterrent for interested parties.
However, Jackson can have the last word, with the report adding that his representatives have told AC Milan that he would be interested in the move.
The side of Massimiliano Allegri has only one recognized number nine on their books in Santiago Gimenez with Luka Jovic and Tammy Abraham who left earlier in the summer.