In an overall modest season, Rafa Leao still won two trophies: the Italian Super Cup with Milan and the Nations League with Portugal. In both cases, he made a positive impact coming off the bench—particularly in the Supercoppa final against Inter, where he provided the assist for Abraham’s comeback goal. With the national team, just two days ago against Spain, he showed some bursts of pace and the usual attempts down the left flank, though not always successful. Still, his presence helped the team, which eventually triumphed on penalties. And Rafa didn’t miss the chance to join in the celebrations and share a series of celebratory posts on social media. Bayern Munich scouts were reportedly in the stands—it was played at the Allianz Arena—perhaps to assess Leao’s attitude and current form, as his attributes are now well known.

Milan values him at a nine-figure sum: if Bayern—or any other club—want to make a serious move, they’ll need to bring a €100 million cheque. No discounts. On the contrary, a prospective buyer could head straight to the counter with €175 million—the amount of his release clause, an absolutely out-of-market figure. Milan’s idea is that even the €100 million valuation might discourage interest: Leao hasn’t been put in the shop window at a discounted price to attract buyers, but is assessed as a top-tier player. And yet, turning 26 today, Leao has yet to truly stand out on the international stage. He was Serie A’s best player the year Milan won the title, but has struggled to consistently reach that level again. In the Champions League, he has just six career goals; with Portugal, only five. He's also coming off a season that was far from spectacular: Milan fans never saw him celebrate a league goal at San Siro, in a campaign that ended with him spending the full 90 minutes on the bench against Monza. He scored eight Serie A goals—all away—plus one in the Coppa Italia (in the 6–1 win over Sassuolo) and three in the Champions League, missing the decisive moments. Despite his recent form, the club won’t be granting discounts and will only consider certain types of player exchanges—not high-salary signings, but perhaps young talents who could flourish in red and black. The cash component would still need to be extremely high, so that Milan can decide how best to reinvest. At the moment, no one—not even in Munich—seems willing to pay that price. Which means Leao would stay in Milan and have a central role in Allegri’s new tactical setup. In a team whose defining characteristic will be defensive solidity, Rafa’s pace and bursts could prove lethal. Even if he no longer plays on the left with Theo, who is officially on the market. And even if no transfer materializes, Hernandez would likely remain as an outcast.
Leao at the highest level?
Leao would all the more become one of the team’s senior figures and technical leaders. Having arrived in the summer of 2019, he would be starting his seventh season at Milan: rounded figures—260 total appearances, 70 goals. After his early days under Giampaolo, his breakthrough under Pioli, and a regression under his Portuguese compatriots Fonseca and Conceição, Rafa is searching for a coach who can anchor him at the top level. Max Allegri’s experience could certainly help. More so than a move to Saudi Arabia, where Al Nassr seems inclined to make another push: the idea is to help Ronaldo win a second domestic title in Saudi Arabia, after the Arab Club Champions Cup, alongside his international teammate. But while Cristiano has said he’s staying and is nearing the end of his career, for Leao this is a pivotal moment—making the wrong move could compromise his entire footballing trajectory.
Intentions:
Rafa, for his part, has never expressed any desire other than to stay at Milan: at times, he may not show a strong sense of belonging, but by now it’s clear this is simply his way. Take it or leave it—and Milan, for now, are taking it. When it comes to selling, however, they’re asking for a lot. That’s the strategy for the entire squad: no one is on the market, but obscene offers will be listened to. One hundred million qualifies. With such a deal, new sporting director Tare would have more freedom to rebuild the squad without strict financial constraints. Even though common market logic suggests finding a replacement first—before others figure out Milan’s actual budget. For now, it’s just talk. The reality is that Leao could be the man for Milan’s resurgence. And in the meantime, he gets to celebrate: trophy and birthday.
Source: Gazzetta dello Sport
