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Galatasaray and Fenerbahce have moved to the front of the race to sign AC Milan winger Rafael Leao, with the Istanbul rivals pursuing the Portugal international through different transfer strategies.
Fenerbahce has pushed ahead with direct talks involving Milan officials, while Galatasaray is relying on its guaranteed UEFA Champions League place and a more patient approach to negotiations.
Leao, who turns 27 this year, has indicated that he would be open to moving on after seven seasons in Milan. During a podcast appearance in Brazil, the winger confirmed that he had discussed his future with club officials.
Although he said he would return for preseason and remain fully committed while under contract, Leao also left the door open to a transfer.
"I'll give everything while I'm here, but I want new experiences," he said.
The Portugal international joined Milan from Lille in 2019 and remains under contract until June 2028. However, Milan is prepared to consider offers as the club seeks to bring down its wage costs and raise funds for other transfers.
The Italian club reportedly values Leao at between €40 million ($45.6 million) and €50 million, including performance-related bonuses, and prefers a permanent sale rather than a loan without a guaranteed purchase clause.
Fenerbahce has taken the more aggressive route, with board member Cihan Kamer traveling to Milan for face-to-face discussions this week.
According to Italian reports, the meeting allowed the clubs to set out the possible terms of a deal, although Fenerbahce did not put forward a formal offer.
The Yellow Canaries, Fenerbahce's widely used nickname, are reportedly weighing up a package worth around 40 million euros, with additional bonuses and installment payments potentially helping them meet Milan's demands.
Talks with Leao's representatives have also moved forward. Reports suggested that Fenerbahce had offered a long-term contract worth between €8 million and €12 million net per season, alongside bonuses linked to appearances, goals and team achievements.
While some outlets reported that personal terms were close to being settled, others said discussions were still underway.
Fenerbahce has meanwhile dismissed claims that it is preparing a total transfer package approaching €100 million. The club said no such offer existed and stressed that its immediate priority remained its UEFA Champions League qualifying campaign.
Reaching the competition could play an important part in both Fenerbahce's finances and Leao's decision over a possible move.
Galatasaray has stayed firmly in the race but has taken a more measured approach, maintaining contact through intermediaries rather than holding direct talks with Milan.
The Turkish champions are reportedly prepared to wait until later in the transfer window and are considering an annual salary of around €10 million plus bonuses.
Galatasaray has also looked into a loan deal that would later become permanent, a structure that could help the club line up Milan's valuation with its own financial plans.
Its guaranteed place in the UEFA Champions League could give the club an important advantage, particularly as Leao seeks to keep playing at the highest level of European football.
Reports have also linked savings generated through recent changes to Galatasaray's squad with the club's ability to pursue the Portuguese forward.
Fenerbahce currently appears to have an edge because of its direct contact with Milan, while Galatasaray believes its Champions League position and willingness to wait could work in its favor if negotiations carry on into August.
Benfica and clubs from England and Spain have previously been linked with Leao, but none have reportedly shown the same level of interest as the two Istanbul sides.
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