Rashford's brother and agent, Dwaine Maynard, has been in Milan this week for talks with Rossoneri officials about a January move.
Asked about the prospect of signing the England international, Conceicao said on Friday: "Rashford is a good player like many others, some are on the market, others are not, let's see what happens."
However, Milan has serious competition for Rashford.
The 27-year-old is also a target for clubs such as Barcelona, Juventus and Borussia Dortmund.