TMW says Al Hilal, Al Nassr - to replace Cristiano Ronaldo - and Al Ittihad are all chasing Leao's signature and intend to propose a generous salary of €25m.
Milan management, despite the club's crisis, want to keep hold of Leao for next season.
However the player holds a different opinion. Leao feels ready for a change of scenery and while he has major interest from across Europe, a move to the Saudi Pro League is something he is seriously considering.
Milan's valuation is €130m - lower than Leao's €175m clause - but there is the possibility for SPL clubs to negotiate a discount.
It would still, however, represent the highest transfer ever in Serie A.