The striker is a wanted man this summer after finishing the Serie A campaign last season with 26 goals to his name.
The Italy international has a release-clause of £88m, but they can only be activated by foreign clubs and as such Chelsea are considered favourites to sign him.
However, according to Sky Sport Italia, Milan remain interested in Belotti and have not given up hope of signing him.
The Italian club are splashing the cash this summer and they are looking for a marquee centre forward.
Milan are tracking Borussia Dortmund's Pierre-Emerick Aubameyang and Nikola Kalinic of Fiorentina, but Belotti remains a possibility too.