Second chances and sealed fates: What Milan are likely to do with returning loanees

As we approach the final stretch of the 2025-26 season, discussions will begin regarding the uncertain fates of certain AC Milan players.

During the summer window, the Milan management – now led by Igli Tare and Massimiliano Allegri as well as Giorgio Furlani, Zlatan Ibrahimovic and Geoffrey Moncada – made the decision to let quite a lot of players leave, to streamline the squad.

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A few of these were permanent deals to bring cash in, like Malick Thiaw, Theo Hernandez, Noah Okafor and Emerson Royal. Others were via a loan formula, with the common denominator being that there is no need to carry excess baggage in a season without Champions League football.

Some players who went out on loan have already had their fates determined. For example, Tommaso Pobega’s obligation to buy clause was triggered by Bologna as certain conditions were met, while the same can be said for Alex Jimenez at Bournemouth and Alvaro Morata at Como.

What about the rest? Could some potentially still make their moves permanent? Might others return and form part of what will be an enlarged squad for 2026-27? We look through each case.

Kevin Zeroli

Destination: Monza, then Juve Stabia
Formula: Dry loan
Fee: N/A

Having captained various levels of the Milan youth sector, hopes were high that he would kick on and graduate to being an instant first team player. However, time out on loan was chosen, firstly at Monza last season and then in the first half of this season.

Although Monza are pushing for promotion back to Serie A, things weren’t going well for the Italian, so his loan was interrupted. He was reunited with Ignazio Abate at Juve Stabia, where he is already making a better impression, even if he is sidelined with an injury.

Now 21, the feeling is that Zeroli should really be kicking on and at present there are few signs that he is ready to be part of the senior squad at Milan, given he is still playing and not exactly thriving in Serie B.

Another loan to get one more look at him – hopefully with less physical issues – may be seen as the correct course of action, but we think that a definitive break is more likely, which would be a shame but would generate a capital gain. Perhaps a buy-back may be included.

Francesco Camarda

Destination: Lecce
Formula: 1-year loan with buy option
Fee: €3m buy option, €4m Milan buy-back option

This might just be the most complex situation on the entire list. Camarda is the golden boy of the Italian youth teams and the striker that Milan are understood to be pinning a lot of their future hopes upon, and for good reason.

This season saw Milan take a big step as they decided to let the 17-year-old (now 18) go out on loan, with an option to buy and a buy-back set slightly higher, which essentially functions as a development fee.

It hasn’t exactly gone swimmingly so far: the Italian has made just 19 appearances across Serie A and the Coppa Italia (eight as a starter and 11 as a substitute) with one goal and one assist in the league, his firsts in top flight football.

On January 29th, Camarda underwent arthroscopic surgery on his right shoulder at the Humanitas hospital in Rozzano (Milan) to reconstruct the glenoid labrum. This was necessary to resolve a lingering shoulder problem, and he will be out until mid-April but remained at Lecce.

There is talk that his entourage expect the teenager to be a significant part of Milan’s first team squad for next season, with other clubs like Fiorentina sniffing around. Can Allegri offer him the minutes he needs, especially if a big signing arrives for the striker position?

Our gut feeling is that no ‘major crossroads’ or ‘big decision’ will come regarding Camarda this summer, and that he will head out to a different club via a similar loan arrangement to keep developing. Time is on his side: Pio Esposito blooming at 21 with Inter shows this.

Lorenzo Colombo

Destination: Genoa
Formula: 1-year loan with buy option
Fee: €10m potential

Colombo provided a reminder of what he can do in the draw between Milan and Genoa at San Siro a few weeks ago. He got to a cross before his compatriot and former team-mate Matteo Gabbia to put the away side ahead, before Rafael Leao’s equaliser right at the end.

The Primavera graduate is on loan with a conditional obligation to buy, and those conditions are being ticked as follows: he must make 22 appearances this season (ticked), he must scored five goals overall (ticked) and, above all, Genoa must stay in the top flight.

If all three criteria are met, the Rossoblu would purchase Colombo outright from Milan for €10m. Given that they are 13th and six points clear of the drop, it feels like a formality that the move is made permanent.

And if the Grifone were to collapse and go down? Our gut feeling is that Allegri would find someone like Colombo incredibly useful as a back-up striker, and he brings squad list advantages. It feels a remote chance at the moment, though.

Filippo Terracciano

Destination: Cremonese
Formula: 1-year loan with conditional obligation to buy
Fee: N/A

Terracciano has always been an object of mystery ever since he arrived from Hellas Verona in a low-cost deal, having barely featured for Milan. The decision was made to loan him out for this season to Cremonese, where he has played centre-back and full-back, making 29 appearances.

If he helps the Lombardy club stay in Serie A, he will guarantee Milan a return of €3-4m as his obligation to buy will be triggered. However, they are currently level on points with Verona in the last relegation spot, so that is not a guarantee.

Even if Cremonese were to be relegated it feels unlikely that Terracciano would come back to stay. He does hold the advantage of being a ‘homegrown’ player for the squad list, though another loan or even permanent exit would surely be a better solution for all parties.

Warren Bondo

Destination: Cremonese
Formula: 1-year loan
Fee: N/A

Given he went on a dry loan, Bondo’s return to Milan at the end of the season appears almost certain. Although he’s often been a starter at Cremonese, his potential participation at AFCON with DR Congo did disrupt his rhythm a bit.

Bondo has played 23 games this season for the Grigiorossi despite the aforementioned interval and a couple of injury issues. There was talk last week that he is attracting interest from clubs abroad in view of the summer.

He was acquired by Milan for €10.5m from Monza, so the France-born talent will be the subject of a new evaluation by Allegri in preseason. All options really feel open: he could stay (especially if there are midfield exits), be loaned out again or sold for a good price to another team. We think another loan is most likely.

If he were to remain, the possibility of challenging for that right central midfield role would feel the most realistic. As shown by Youssouf Fofana’s consistent use there, Allegri does like to have a physical ball carrier in that slot, so if the coach likes what he sees then it could be a fit, even as depth.

Yunus Musah

Destination: Atalanta
Formula: 1-year loan with a buy option
Fee: €4m loan with €25m buy option, 10% sell on

Musah’s future is another very complicated situation to try and unpack. The USA international made a solid start in Ivan Juric’s first few matches, but has gradually lost his spot since Raffaele Palladino took over from the Croatian.

Milan have already banked €4m from the loan, but for Atalanta to be convinced to pay another €25m to buy him out in June, a lot would have to change. The former Valencia man has been an unused substitute in five of the last nine league games for La Dea which says a lot, even if he did recently score twice in a week.

Presuming the option isn’t used, Atalanta may try to renegotiate the terms a bit and get the price down. Failing that, there is still some value in Musah given his age (23) and the experience he has already accrued, so another exit route shouldn’t be too difficult to find.

However, there were rumours in the summer that Allegri liked the energy and versatility of Musah, so what if he were to get another look in preseason? In theory, he could fill in a number of roles from wing-back to mezzala, as the kind of utility man that Ruben Loftus-Cheek has been.

It may seem more likely than unlikely, but out of everyone on this list, it is possible that the American could be the one to surprise everyone and find a way back into the plans, especially if serious offers are not forthcoming.

Samuel Chukwueze

Destination: Fulham
Formula: Loan with option to buy
Fee: €24m

This is a much more straightforward discussion, or so it seems. Chukwueze took some time to get going at Fulham, but announced himself in a big way with some important goals, and since then they seem to have been convinced by the Nigerian.

Although he has mainly had ‘super sub’ status, spending €24m on a player for squad depth is nothing to Premier League sides. As a result, La Gazzetta dello Sport claimed earlier in the week that Fulham have told Milan they will use their buy-out and make the move a permanent one.

For argument’s sake, let’s say they have a rethink and decide not to. In addition to there being other English clubs apparently keen, it feels as though the ex-Villarreal star only has a place at Milan if Allegri formally switches to a 4-3-3.

If that were the case he may well get another look, but in a 3-5-2 there is no real obvious fit as a striker or wing-back. The player himself suggested in an interview that he would like to come back because he considers Milan his ‘second home’, though a stay at his current home Fulham seems most likely.

Ismael Bennacer

Destination: Dinamo Zagreb
Formula: Loan with option to buy
Fee: Around €10m

Bennacer has long been out of Milan’s plans despite a contract running until 2027 and a salary of €4m net, so in the summer he chose Dinamo Zagreb as the next step in his career. He has made 13 appearances in the Croatian league, after being convinced by Zvonimir Boban to make a rather unusual switch on paper.

The Algerian has once again battled various physical problems, which have stopped him playing consistently Given the size of his salary (Milan contribute 60% of the fee), his permanence in Croatia appears to be almost impossible without a big pay cut.

So, what if he returns? Three years ago, Bennacer seems like exactly the kind of player Allegri would love, given that in his prime and when consistently fit he displayed that midfield grinta and technique that was reminiscent of Arturo Vidal.

Fast-forwarding to today, the decline has been quite sad. Milan seem to be in the market for a more experienced mezzala like Leon Goretzka, having already splashed over €50m on Ardon Jashari and Samuele Ricci, so there seems to be no place for Bennacer.

It has always seemed that the former Empoli man has had a market though, from Russia to Saudi Arabia, passing through Marseille and Trabzonspor. We expect that clubs will come forward in the summer and another loan will be agreed, but we are in ‘last chance saloon’ territory.