The Italian club representatives are in talks with Porto over a deal for the Iranian talisman, whose contract at the Primeira Liga side runs until July next year.
Portuguese newspaper A Bola, meanwhile, wrote that Monday’s 2-1 away victory against Rio Ave was likely the last appearance in the Dragons’ outfit for the prolific frontman.
Porto is believed to be asking 25-30 million euros for their Iranian asset, who turned 31 last month, though Milan is reluctant to meet the price tag.
Yet to get off the mark in the new season, Taremi bagged 31 goals, while providing his teammates with 14 assists, in 51 appearances across all competitions for Porto in the previous campaign – including 22 strikes in the league which saw him finish as the leading marksman in the Portuguese top flight.
Porto still had to settle for a runner-up finish behind Benfica in the league but went on to lift the Taça de Portugal trophy for a second year in a row.
The Iranian also netted five to help Porto win the group in the UEFA Champions League before being knocked out by Inter in the round of 16.
Should the deal eventually go through, Taremi will become the second Iranian international to move to the Serie A this summer, following Sardar Azmoun.
AS Roma signed the Leverkusen forward, who had four goals and assists apiece in 33 outings for the Bundesliga side, on a season-long loan contract with the option to make the deal permanent.