According to Daniele Longo of Calciomercato.com, the Serie A side would be willing to abandon their chase of the South Korea international if a deal was doable for Wilshere.
The Arsenal midfielder appears increasingly likely to leave the Emirates Stadium at the end of the campaign, with his contract set to run out this summer and seemingly little movement in regards to an extension.
According to a recent report from David Hytner in the Guardian, Arsenal have offered Wilshere a deal on a reduced wage of £80,000 a week, although the midfielder has rejected the extension. Everton, West Ham United and Juventus are said to be interested in the playmaker.
According to Longo, although the Serie A side do hold an interest in the 26-year-old, his current salary demands would be too excessive for Milan to try to push ahead with a deal.
Overall, Wilshere has enjoyed a prosperous campaign, as he's rediscovered some fitness, forced his way back into the Arsenal team and has been a key part of the side's progression into the quarter-finals of the UEFA Europa League.
But as noted by Gunnerblog's James McNicholas recently, the midfielder's form has taken a downward turn as of late:
It wouldn't be a surprise if that was down to the uncertainty surrounding his future at the Emirates Stadium.
If Wilshere was to depart it would leave Arsenal supporters disappointed. The club, after all, have invested time and effort into the player throughout his years in north London, particularly in recent seasons when the England international has been constantly besieged by injuries.
The prospect of a fresh start and a lucrative salary would also be appealing to a player who should be reaching the peak years of his career.
Milan's interest doesn't come as a massive shock, as he impressed in Arsenal's win at the San Siro earlier in the campaign. As relayed by the Islington Gazette's Layth Yousif, the Italian press commented on his fine display:
Still, there are areas where Wilshere needs to make strides, as these numbers from the Sportsman show:
It appears as though the wage demands of Wilshere will prevent him from making a move to the San Siro, though, meaning Milan may well to turn to Ki to add some depth to their midfield.
Either way, Wilshere has some big decisions to make in the coming weeks, as he gears up to the prospect of leaving Arsenal for good. You sense his choice of next club will be make or break for a career that once promised so much.