AC Milan have announced that star man Rafael Leao has signed a new long-term contract with the club.

The 23-year-old has enjoyed a fine season at San Siro and his good form has been rewarded with a new, improved deal worth over $5.3m net per year plus a further $2m in add-ons and a signing-on fee.

AC Milan star signs up for five more years at the Rossoneri

Leao was set to be out of contract in 12 months’ time but this current deal will take the Portuguese up to 2028 at San Siro and includes a new release clause worth around $190m.

The news was announced today via Milan’s official website and Social Media platforms and is a coup for a club that has lost a number of its best players in recent years, including Gianluigia Donnarumma’s move to Paris Saint-Germain and Franck Kessie’s departure to Barcelona.

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— AC Milan (@acmilan) June 2, 2023

Leao was reportedly a target for Premier League champions Manchester City but Pep Guardiola will have to turn his attention elsewhere if he wants to add to a list of wingers that already include Jack Grealish, Phil Foden, and Riyad Mahrez this summer.