"There's an offer for Kaka from Manchester City and it is being considered by Milan," channel director Mauro Suma said.
"Considered does not mean decided or accepted. We are not faced with a decision made or a done deed. There are still hours and days ahead."
A Milan spokesman said Suma's comments were not an official statement by the Serie A club.
Media reports have said City, the richest club in the world after being taken over by the Abu Dhabi United Group, have bid more than 100 million pounds ($146.2 million) for the 26-year-old.
City manager Mark Hughes told reporters on Thursday that a deal to sign Kaka was still on for the Premier League club.
"It has been well documented that we have expressed an interest in signing the player," he said.
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