According to many websites, Monaco is trying to acquire Jeremy Menez at the end of this season. As reported, there's not an official offer on the desk, but Monaco got in touch with Menez's entourage trying to convince them to make him come back in the principality where he played from 2006 to 2008.
Menez has been one of the few positive players for AC Milan so far scoring 16 goals on 33 games played and ranking 5th among top scorers list (1st among midfielders). He's been an important piece during this season thanks to his creativity, but he's not essential for the team and I think Galliani - or who will be in his place after the sale - will consider all proportioned offers for a player with his skills.
Monaco would provide Menez the great possibility to play at Champions League level next season whereas Milan won't be in a European competition in all probability, so his decision could be strongly conditioned by this.