The 18-year-old forward, who represents Italy at Under-19 level, has come through the ranks at the San Siro and has been tipped for big things.
He penned a new five-year deal at the club last year and has previously been linked with Bayern Munich.
Now his representative, Giuseppe Riso, says there is interest in the Petagna from England, but he has not revealed the identity of the clubs pursuing the youngster.
He told Calciomercato.it: "A loan? It's probable, but he may also remain with the Rossoneri [Milan]. We also have interest in him from England."
Petagna, who spent time on loan at Sampdoria last term, has already made five senior appearances for Milan, although he is yet to find the back of the net.
