The Colombian endured a difficult time in England with both clubs while on loan, but he has since found his feet again after returning to Monaco.
The 31-year-old bagged 30 goals in all competitions last season and he played a key role in helping Monaco secure the Ligue 1 title.
Milan are looking for a new marquee striker this summer and their CEO, Marco Fassone, has revealed Falcao is a target.
"We continue talking about a striker, but must use our time wisely," Fassone told Sky Sport Italia.
"We're working on it, there mustn't be any sense of haste, as we don't want to make a mistake.