TalkSPORT cite reports that suggest El Shaarawy is considering his options in Milan amid increased speculation surrounding his future at the San Siro. Arsenal and Manchester City have been credited with an interest in the forward, who was in sparkling form at the beginning of the season.
El Shaarawy had 14 league goals before Christmas, but he's only managed two since. And he was dropped for AC Milan's big clash with second-placed Napoli at the weekend.
The 20-year-old has struggled since the arrival of Mario Balotelli from Manchester City in January. Despite only signing a contract extension earlier this year, the report claims he's become unhappy in Milan, and could be set for a move this summer.
He's now under contract until 2018, but Arsenal, City and Napoli could enter a bidding war if he becomes available at the end of the season.
Napoli see El Shaarawy as a potential replacement for Edinson Cavani, should the sought after Uruguayan finally move on this summer.
But Arsene Wenger is believed to be considering a transfer splash of his own at the end of the season, with El Shaarawy a potential dream target to replace Robin Van Persie, who left for Manchester United last August.
Manchester City, who have struggled to keep pace with United in the title race this season, also have space in their squad for another striker following the departure of Balotelli.