Gianluigi Donnarumma has emerged as one of the most exciting young goalkeepers in the world over the last two years.

Since making his Serie A debut at the age of 16 years and 242 days old in 2015, the AC Milan goalkeeper has continued to prove just why he his so highly thought of.

In his first full season as Milan's No.1, the fresh-faced youngster kept 12 clean sheets from 38 league games but earned rave reviews for his consistency between the posts.

And now at 18-years-old, it is little wonder why Milan fans have been desperate to see their young protege extend his current contract - which is set to expire in 2018 - at the club.

Despite previously stating his desire to stay with the Rossoneri, it appears Donnarumma could now be on the move this summer following a dramatic twist of events on Thursday afternoon.

It was believed Donnarumma's representatives met with the Milan hierarchy to discuss a new deal but have failed to come to an agreement.

And Milan have announced he has rejected their latest offer and does not intend to sign an extension.

"Mino Raiola has informed me of Donnarumma's decision not to renew his contract with AC Milan," chief executive Marco Fassone said, as per Goal.

"It's a final decision taken by the player.

"I remember that 10 days ago we made an important offer to the player - even more important that what the newspapers have written. The player made his technical, economical and personal considerations and has decided to reject it.

"He will end his relationship with AC Milan on June 30, 2018."

The Italian giants previously hinted they would be prepared to keep Donnarumma in the stands next season if he refused but that would be extremely unlikely to actually come to fruition.

Because Donnarumma looks well positioned to become the best goalkeeper in the world, Milan would be very brave to allow such a prized asset leave the club for free in 12 months time.

Real Madrid has been one of the teams linked with potentially making a move for the Italian international recently, however, there will be plenty of managers from around Europe keen to register an interest over the next few weeks.