AC Milan’s star left-back Theo Hernández is at the centre of transfer speculation, with ongoing discussions between his representatives and Atlético Madrid, sources confirmed on Tuesday.
The 27-year-old French international, who rejected a lucrative offer from Saudi Pro League club Al Hilal on Sunday, remains a top target for the Spanish side, though no proposal has yet met Milan’s lofty expectations for one of their prized assets.
The developments come as the transfer window for the 2025-26 season approaches its critical phase, with clubs scrambling to finalise deals before the looming deadline.
Hernández, widely regarded as one of Europe’s premier attacking full-backs, turned down a €35 million deal with Al Hilal that would have seen him earn a staggering €20 million annually in Saudi Arabia.
The proposed transfer, which Milan had agreed to, included a €35 million fee for the Rossoneri, a figure the Italian club deemed acceptable given Hernández’s contract, which runs until 2026 with no renewal in sight.
However, the former Real Madrid defender’s decision to prioritise competitive football in Europe has shifted focus to Atlético Madrid, who see him as a key addition to bolster their defence under Diego Simeone.
Sources close to the negotiations indicate that talks between Hernández’s camp and Atlético are “active but complex”, with the Spanish club yet to table an offer matching Milan’s valuation.
The Serie A giants are holding firm on a minimum fee of €40-50 million, reflecting Hernández’s pivotal role in their squad and his consistent performances since joining from Real Madrid in 2019 for €22.8 million.
With 232 appearances, 32 goals, and 43 assists for Milan, Hernández’s blend of defensive solidity and attacking flair has made him indispensable, and the club is reluctant to let him go without a significant return.
Atlético’s interest stems from their need to reinforce the left-back position, with Simeone reportedly viewing Hernández as an ideal fit for his high-intensity system.
The Madrid club has initiated discussions with the player’s representatives, offering a long-term contract, but their initial financial proposal falls short of Milan’s demands.
Atlético are exploring ways to structure a deal, potentially including add-ons or performance-based bonuses, to bridge the gap.
The situation is further complicated by Hernández’s strained relationship with Milan’s hierarchy. Reports suggest that the defender feels unsettled due to the club’s handling of recent contract talks and their willingness to entertain offers, including the Al Hilal bid.
Despite his commitment to Milan, where he has been a fan favourite, Hernández is open to a move to Atlético, a club with a strong track record in La Liga and European competitions.
Milan, meanwhile, are preparing for all scenarios. The club has identified potential replacements, including Chelsea’s Ben Chilwell and Sporting CP’s Nuno Mendes, should Hernández depart.
However, losing the Frenchman without securing a comparable fee or a ready-made successor could disrupt their ambitions under new manager Sérgio Conceição, who is tasked with rebuilding after a trophyless 2024-25 season.
The transfer saga has sparked intense debate among Milan supporters, with some urging the club to retain Hernández as a cornerstone of their project, while others argue that cashing in could fund a broader squad overhaul.
Fans expressed mixed feelings; one fan said, “Theo is world-class, but €40m could reshape our midfield and defence.”
Another countered, “Selling Theo would be a disaster—Milan can’t replace his quality.”
As negotiations continue, Atlético face pressure to meet Milan’s demands before other European giants, such as Bayern Munich or Paris Saint-Germain, who have previously shown interest, enter the race.
For Hernández, the coming days will be crucial in determining whether he remains a Rossonero or embarks on a new chapter in Madrid.
