Andriy Shevchenko will only return to AC Milan if Chelsea agree to loan the Ukraine striker free of charge, according to his agent, ITV reports.
The former Rossoneri star has struggled to make an impact for the Blues since his £30million transfer to Stamford Bridge in May 2006.
Yet despite having been a big hit in Serie A, Shevchenko`s representative Fabio Parisi does not expect Milan to part with any money for the 31-year-old.
Parisi said: "(AC Milan vice-president Adriano) Galliani has always been very clear when stating that the deal can only be done if Chelsea allow Milan to have the player as a free loan.
"If Chelsea owner Roman Abramovich will give his okay then I think the deal could be done."
Carlo Ancelotti is looking to reinforce his attacking line this summer and would welcome Shevchenko back with open arms, although the Italians` main target remains Barcelona forward Ronaldinho.