The 29-year-old only completed a transfer from Sevilla during the summer, but is already being eyed by a host of clubs heading into the summer.
It is now believed that the mentioned offer has come from a team in the Chinese Super League as they look to lure the lethal striker out of the Serie A.
The Blues, along with Real Madrid, are both being tipped to spark a bidding war for the services of the Colombia international when the transfer window reopens at the end of the current campaign.
However, Milan are expected to refute any interested clubs from entering negotiations for their star forward, but could be forced to let him leave if they cannot finish in a Champions League spot.
Bacca has already featured 35 times in all competitions for his side this term, so far managing to score 15 goals while providing another four assists.