Donnarumma has 12 months remaining on his deal at the Stadio Giuseppe Meazza.

The 18-year-old has made more than 70 appearances for the Rossoneri since a surprise breakthrough in October 2015, and his many fine performances have attracted attention from all over Europe.

Serie A champions Juventus, world and European and Spanish champions Real Madrid as well as Manchester United are all reportedly interested in Donnarumma.

Club director Marco Fassone told a press conference: “We are disheartened. (Donnarumma’s agent) Mino Raiola has conveyed to me Donnarumma’s decision not to renew. It’s his final decision.”

Milan are attempting to rebuild their squad after another disappointing league season saw them finish sixth in the table.

The position was enough to book Europa League football, but under new Chinese owners the Rossoneri are determined to return to the years of multiple titles and European success.

To that end, highly-rated Portuguese striker Andre Silva, Ivorian midfielder Franck Kessie and accomplished defenders Ricardo Rodriguez and Mateo Musacchio have already been expensively recruited but Milan will need to invest in a new top-class keeper if Donnarumma leaves this summer.

Fassone added: “We were really hoping that Gigio would be the goalkeeper of the new-look Milan team, a pillar of what we are building here, but we will have to reevaluate things.

“This decision, taken by the player and his agent, makes us sad but we must move forward, Milan must move forward.”

** Everton have completed the signing of England under-21 goalkeeper Jordan Pickford from Sunderland for a club-record £30m.

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