The Brazilian became a talismanic figure during his time at the San Siro before leaving for Real Madrid in 2009.
He has struggled to command a regular starting role at Real in recent times and has been linked with a switch elsewhere this summer.
A move back to Milan is reported to be Kaka’s preference and Rossoneri vice-president Adriano Galliani initially hinted that something could be done, before admitting financial factors could threaten a deal.
Milan owner Silvio Berlusconi has now declared that the club are still open to the idea of bringing back Kaka, although they will have to study the situation more closely before making a final decision.
“I’ve not spoken a lot about this with Galliani,” he told the Milan Channel.
“He’s in our hearts for the player and for the man he is.
“I am not closed to a similar possibility, even if we must pay attention to the conditions.
“Kaka is one of those players who made Milan history.”