The Spain international linked up with the Rossoneri in August 2012 on a season-long loan from Roma.
Milan have been impressed by what the 22-year-old has to offer and are reluctant to part with his services.
They may, however, face competition for Bojan's signature from his former employers Barcelona - who included a buy-back clause in his contract when they offloaded him to Roma in 2011.
That agreement is set to expire at the end of the summer transfer window and Barca's intentions are unclear.
Milan, though, have let it be known where they stand, with owner Silvio Berlusconi telling AS: "We consider Bojan to be a very useful player because of the quality that he has and his vision of the game.
"Bojan is in our plans for the future and we believe that we can make him ours."