The Rossoneri are currently in the midst of takeover talks with Chinese consortium Sino-Europe Sports and although the deal has been delayed again, the club are already planning for the future.
Bacca is Milan's top scorer this season with six goals but has been criticised for being unable to fit into Vincenzo Montella's team ethic and has been linked with a move away.
The Colombian did not feature in Saturday's 4-1 win at Empoli due to injury and was instead spotted in the stands at former club Sevilla.
Los Rojiblancos would be amongst those interested if he became available, with reports in Italy suggesting the 30-year-old would have a number of potential suitors, having turned down a move to West Ham in the summer.
It is believed Milan are keen to offload their main asset, with the proceeds expected to be generated from any possible deal to be given to Montella to spend on adding more quality to his exciting young squad.