Bernabeu star’s high wages could see him moving to Stamford Bridge or Eastlands.
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AC Milan vice-president Adriano Galliani says Kaka would have to take a pay-cut to return to the San Siro.
The news will alert Chelsea and Manchester City, who have both been linked with a move for the Brazilian midfielder.
The 28-year-old was a star for AC Milan before moving to Real Madrid for £56million in 2009.
But his career at the Bernabeu has stalled because of injuries and Jose Mourinho is willing to offload the star to generate funds.
Chelsea owner Roman Abramovich is a long-term admirer of Kaka, and the Brazilian would love to work with Carlo Ancelotti again after their time at the San Siro.
Manchester City were close to agreeing a deal with Milan, before his transfer to Spain, but the deal collapsed as City could not guarantee Champions League football.
But Galliani insists there is no deal to bring Kaka back to Serie A and believes any deal will be difficult to push through.
“Kaka’s return to Milan? Ricardo earns too much, because in Spain they pay less taxes,” Galliani told RaiDue.
“I am sorry that he has problems in Madrid, but to come back to us he would have to drop a lot his salary.
“We can afford the wage of only one (player like) Ibrahimovic.”