However, Milan's new general manager Leonardo said a deal would only be made on his club's terms, while his Juventus counterpart Beppe Marotta said there is no room in the squad for the 31-year-old.
Bonucci completed a surprise switch to the Rossoneri from Juventus last summer following the club's takeover, but recent reports in Italy suggested he is ready to make an immediate return, and both clubs confirmed the rumours.
"Certainly I have understood from the management of Milan that the desire and feeling of Bonucci is that he wants to return to the club where he played many years," Marotta told Sky Sport Italia.
"At the moment, our defence is full, so if nobody leaves, Leo cannot return. On the other hand, there is great reciprocal respect with Leo, but I don't want to go any further than this because, as I can only repeat, we are currently fine in that area."
Juve have captain Giorgio Chiellini, Andrea Barzagli, Medhi Benatia, Daniele Rugani and Mattia Caldara as central defenders on their books.
Sources told ESPN FC the two clubs are discussing the possibility of a swap move which would see Bonucci return to Turin and Caldara, who spent last season on loan at Atalanta, head in the opposite direction.
They are yet to agree on the respective valuations of the player with Juventus expecting to receive Bonucci and a fee for Caldara, while Milan feel Juve should pay them in addition to receiving the 24-year-old.
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