Milan Transfer Report Card: 2025-26 -

Well the mercato went right to the wire, so much so that I couldn’t do the write up until now (ok, I probably could’ve done it late last week but LIFE). A lot of new faces came in the door this summer, 10 guys in total, 3 of those 10 coming in the last few days of the window. Are these guys any good? Will they be key players this season? Well, let’s dive in and take stock of a VERY busy summer.

But, before we do, I should mention Milan got rid of a lot of the deadwood that had accumulated over the last 3-4 years, especially last season that saw the departure of Pioli and then 2 attempts at replacing him, each with their own set of requested players. There were some players that I’ll miss but nothing out the door is particularly heartbreaking. Ironically, the one player from last season I wanted them to sign was Tammy Abraham, because #9s are hard to come by, and sure enough Milan did not replace him and scrambled at the end to sign depth at the position.

The players I do miss are of course Theo and although just out on loan (with no future at Milan regardless), Bennacer. With their departure, there aren’t many Scudetto winners left from that team, just Leão, Maignan, Gabbia, and Saelemaekers remaining. Bennacer had big moments that Scudetto-winning season but Theo left Milan a legend. The first key signing of the Maldini era, fitting it was a LB, the love he has for Maldini and Milan was and is still evident and I wish him nothing but the best as he sees out the rest of his playing days. Ciao, Theo. Grazie.

So we move forward and let’s hope the reinforcements can help lift Milan back into relevancy starting with a top 4 finish this season and maybe with a little luck, a little bit more than that. I’m not particularly high on that last part, but I don’t think there’s a far and away best team in the league so anything is possible. Max Allegri is back and has had a successful career coaching in Serie A, so maybe it’s more in play than I think in my head.

Oh, for those keeping tabs, the money in and money out this summer, EXCLUDING add-ons since we don’t know what those will be for both incoming and outgoing players, is €177M in, €162M out, with Milan sitting +€15M. I know a lot of you don’t care about the financial Scudetto, but it’s an important part of this especially since Milan isn’t exactly sitting on any oil reserves (pun intended…).

And with that, let’s dive into the signings of the 2025-26 summer mercato!

*in order of arrival*

Summer Signings

Samuele Ricci

DM/CM – 24yrs old: TORINO – €23M+€2M add-ons (4yr contract, €2.5M per year)

Great signing if Allegri will play him! I kid, I kid but we’ve seen far less of him than I thought through the first 3 meaningful games of the season (2 league and 1 Coppa Italia). An Italian who came up through Empoli’s youth system, we all mostly know him from his days with Torino, where he racked up 94 appearances since 2022. He’s a DM by trade but can also play in the central midfield, although an attacking midfielder he is not.

I really like this signing as he checked multiple boxes: young, Italian (homegrown rule), and a DM. He’s solid in his role and ideally I can see him pairing with Jashari or Modrić in a double-pivot should Allegri deploy one. I think he’s probably the closest Milan has had to a true DM since Franck Kessie, so I hope Allegri uses him. With an incomplete squad (short on forwards and RBs), we might not see him truly flourish until 2026-27.

PRELIMINARY GRADE: B+

PROS: Young, a true DM, lots of upside

CONS: Maybe not the highest ceiling despite the upside

Luka Modrić

CM/AM – 40yrs old: REAL MADRID – Free transfer (1yr contract + option, €3.5M per year)

I don’t have to say much about Luka. We all know him. Two facts that are nonetheless interesting: (1) he came up with Dinamo Zagreb after signing at the age of 16, and (2) he has won 35 total trophies, including 28 with Real Madrid and 1 Ballon d’Or. The only two players more decorated during this time are Ronaldo and Messi. That’s nuts.

At the age of 40, yes he is a bridge to the next big midfield star for Milan, but he can still play too. In just the few games we’ve seen him he has usually been the best or among the best players on the pitch for Milan. Playing almost entirely as a deep-lying playmaker so far, he’s been fantastic. But he’s also played more advanced as Milan has needed help creating goal-scoring opportunities. He can play anywhere in the midfield but my preference in this squad is as CAM in a 4-2-3-1 as that gets most of Milan’s best players on the pitch at the same time.

PRELIMINARY GRADE: A+

PROS: It’s Modrić!

CONS: Age…kind of. Still great at 40 but can’t play for another 5 years

Pietro Terracciano

GK – 35yrs old: FIORENTINA – Free transfer (1yr contract + option, €0.8M per year)

The Italian GK came up through Nocerina (from the Lega Pro Prima Divisone), signing in 2009 and bounced around the Italian leagues until 2019 when he signed with Fiorentina, where he stayed until coming over to Milan.

This move is smart in that it’s a veteran presence with a bunch of youngsters behind Mike Maignan – Torriani (19yrs old) and Lapo Nava before his permanent move to Cremonese this summer, leaving only Primavera options. Ideally Torriani gets any minutes should Mike not be able to go but this at least gives Milan someone with 108 appearances in Serie A since 2019 if Torriani struggles. Now there’s no guarantee Torriani gets the call but I hope we don’t see Pietro Terracciano once this season (no disrespect, of course). Oh, he also checks the homegrown box as well, so there’s that.

PRELIMINARY GRADE: C

PROS: Low cost

CONS: Low cost?…not the best backup keeper in the world combined with Maignan…who can be injury-prone

Pervis Estupiñan

LB/LM – 27yrs old: BRIGHTON & HOVE ALBION – €17M+€2M add-ons (5yr contract, €2.5M per year)

Coming up via L.D.U. Quito (top flight of the Ecuadorian professional league), Estupiñan spent most of his teens and early 20s in Spain playing for various La Liga teams in the top 2 flights before moving to Brighton, which is where Milan signed him from. A regular starter regardless of where he has played, he looks to have the LB (or LWB) job locked down. He’s a different kind of player than the one he replaced, as he’s defense-first (and solid by all appearances) and not as quick or aggressive getting forward.

For me, I think the move is a quality one, yet not exactly great and not exactly exciting. He’s a little old for the Gerry & Co. project at the price point (that’s usually where we find younger players with upside)…but at the price point he’s not terribly expensive. Yes, I know what you’re saying, that was basically Emerson Royal. Well you know what, why don’t you STFU and not bring that up because it makes my blood boil just thinking about it! And then we did that for Kalulu?…*insert crying emoji*

But the move is…fine.

PRELIMINARY GRADE: B-

PROS: Not Theo defensively

CONS: Not Theo offensively

Ardon Jashari

DM/CM – 23yrs old: CLUB BRUGGE – €36M+€3M add-ons (5yr contract, €2.5M per year

The Swiss midfielder finally arrived after a prolonged pursuit reminiscent of the Charles De Ketelaere ordeal from a few years ago, also with Club Brugge. Jashari is a DM but also has on the ball skills combined with playmaking abilities. Readers and commenters of the blog will know I’ve compared him to Sandro Tonali, as I see a similar type of game in him.

This is my favorite move of the summer, yes even more than Modrić (but mostly because Modrić is 40). Maybe it’s my bias and love of Tonali and my wish that we could’ve seen him turn into one of Italy’s best players of all time while wearing the red and black, I think Jashari can be and have that same type of impact. With a multifaceted skillset, he can be many types of things to the team in the very near future. He can be the DM and stay back if needed but can also make a pinpoint pass or a well-timed and decisive run into the box. So much potential here and I can’t wait until he returns from injury.

PRELIMINAY GRADE: A+

PROS: Well-rounded and very technically gifted player, tons of potential and upside

CONS: He probably gets sold in 2 years for €80M

Koni De Winter

CB/RB 23yrs old: GENOA – €18M+€2M add-ons (5yr contract, €1.7M per year)

The Belgian comes to Milan via Genoa but spent his later teen years as a Juventino, although never featured for the senior team. He arrived at Juventus after spell at a couple of different Belgian league teams, first signing as a 13yr old. The tall CB can also play RB and has 68 appearances in Serie A with Empoli and Genoa.

After moving Thiaw to Newcastle, Milan needed to make a move and did so, going with a like-for-like replacement of the tall German. I have a few memories of him when Milan faced him and although not memorable performances per se, I did notice that he was a solid player with a little bit a pace. I think he has solid upside although if he wants to break in this season (one of limited playing time due to few competitions), it may have to be at RB if Allegri ever switches out of a back-3.

PRELIMINARY GRADE: B

PROS: League experience, good modern CB characteristics (agile with decent pace)

CONS: Not old at 23yrs old but uncertain if he can turn into that elite CB

Zachary Athekame

RB – 20yrs old: BSC YOUNG BOYS – €10M+10% sell-on (5yr contract, €1M per year)

Another Swiss player like Jashari and signing his first professional contract as a 12yr old, Athekame spent his entire career in the Swiss professional system and had 64 appearances in the Swiss top flight before coming to Milan. Very brief reading seems to point to a physically gifted player with very good pace who is more defensive than attacking from the RB position.

Athekame is definitely more of a signing for the future but I know I’m not the only one hoping for another Kalulu-type of signing – a young RB with limited top flight experience who comes in and impresses and becomes an important player. The good physical characteristics, especially pace (loyal readers know I like my fullbacks fast!) has me very curious to see what Milan has here. The fact that they sold the only 2 true RBs on the team, including Jimenez (likely the starting RB if there was one) after Milan and Allegri saw what they had in Athekame…maybe there’s more to this kid than we know.

PRELIMINARY GRADE: C+

PROS: Young with the right characteristics to be a solid RB

CONS: Lots of young players with promising characteristics who don’t have…it

Christopher Nkunku

CF/AM/LW – 27yrs old: CHELSEA – €37M+€5M add-ons+sell-on % (undisclosed) (5yr contract, €5M per year)

One of the better known incoming players, the French national has had an up-and-down career mostly due to injuries. Signing with PSG at the age of 13, he had the chance to feature for the senior team at the age of 18, notching 75 appearances. At the age of 22 to he moved to RB Leipzig and that’s where he really took off, compiling 83 g/a in 119 league matches (91 starts) and 113 a/g in 172 matches across all competitions during that time.

Somewhat of a panic-buy after the Victor Boniface deal collapsed because of his gnarly knee and left Milan with only 1 striker on the first team, this move rightfully has some people nervous including myself. This also by far has the biggest boom/bust potential out of all the players who came in this summer. If this works, he’ll be a steal at the price, but if not then it’s an expensive miss for a team of modest means compared to the big spenders of Europe. But to say that I’m curious how this goes is an understatement.

PRELIMINARY GRADE: B+

PROS: Could be prolific creating goals, scoring and assisting them

CONS: Could be an expensive miss at a thin position

David Odogu

CB – 19yrs old: VFL WOLFSBURG – €10M (4yr Contract, €1M per year)

This move feels similar to the Thiaw deal when Milan signed the then 21yr old from Schalke 04 in 2022 for about €13M. Odogu, like Thiaw, is German, young, and comes from the Bundesliga. Odogu, like Thiaw, is also a tall prospect with potential. Will he pan out the same and contribute and/or move on for a plusvalenze bonanza?! Time will tell, but a move for the future to be sure.

PRELIMINARY GRADE: C

PROS: Young and promising

CONS: Expensive for a kid with only 3 appearances in any top flight

Adrien Rabiot

CM/DM/AM – 30yrs old: MARSEILLE – €7M+€3M add-ons (3yr contract, €5M per year)

Like Modrić, Rabiot is a well-known player. Starting out as a PSG player, the Frenchman made 150 appearances with the Ligue 1 side before moving to Juventus in 2019, where most of us got to know him quite well via 157 appearances with the Bianconeri. A favorite of Allegri, it’s perhaps unsurprising he finally arrived after rumors seemed to pop up every other week during the summer.

I’m very meh on this move, as I was and am very critical of Conte for weighing down his teams with older players bloated with huge wages, and this move can definitely turn into that. Granted, for Conte this becomes especially problematic since he rarely stays long with any one team and the team is left in the lurch with older bloated-wage players, this shouldn’t be a concern with Allegri, as I expect him to be around for at least 3 years. Ultimately, if he keeps Ruben Loftus-Cheek on the bench then I’ll score this move as a win come season’s end.

PRELIMINARY GRADE: C

PROS: Hopefully gets RLC off the pitch

CONS: Another midfielder added to the the crowded mix, older player, will be difficult to sell if needed due to high wages

Wrap Up

Whoa. That was a lot to cover and a lot of reading I had to do to get to know some of these guys. But, hopefully it gives everyone at least some knowledge, particularly the lesser-known guys.

I’m most high on Jashari and Modrić, with Ricci right there as well. Nkunku has me VERY curious and could be the X-factor should Milan challenge for a Scudetto. There’s also some young guys with potential, so let’s see what happens. Overall, as of right now, I’d give this summer mercato a preliminary grade of a B (the literal average of my grades above is a 2.9 on the 4-point scale).

Game this Sunday vs Bologna at the San Siro at 2:45pm EST/6:45pm GMT. After dropping points in round 1, kind of have to have this one. Anyway, be on the lookout for the matchday come Sunday morning. Until then…

Forza Milan

gillis

Milan Transfer Report Card: 2025-26