Jorge Mendes, the prominent football agent, is currently exploring potential clubs for Manuel Ugarte, focusing on AC Milan as an initial step towards the upcoming summer 2026 transfer window. While no formal negotiations have commenced, Milan has acknowledged Mendes' inquiry, marking a preliminary touchpoint in conversations.
At the heart of the discussions is Ugarte's performance since his transfer to Manchester United from Paris Saint-Germain in August 2024. United acquired the Uruguayan midfielder for an initial fee of £42 million, potentially rising to £50.5 million with add-ons. However, Ugarte has seen limited action, starting only seven times in 23 appearances during the 2025/26 season, equating to approximately 915 minutes on the pitch – just over ten complete matches in a season.
Given his previous connection to Manchester United's coach, Ruben Amorim, from their shared time at Sporting CP, Ugarte’s transfer to Old Trafford seemed promising. Yet, the current situation raises concerns about his fit within the team.
What’s more, Mendes is not limiting his outreach to just AC Milan. The agent has also extended Ugarte’s availability to Juventus and Napoli, ensuring that multiple Serie A teams are kept in the loop. Milan's interest, while not entirely new, harkens back to prior inquiries about Ugarte in his earlier career, prior to his moves to PSG and Manchester.
Rumors suggest the possibility of a swap deal involving Rafael Leao, Milan's talented Portuguese winger, but such discussions are still in speculative stages, with no agreements in place.
For potential suitors like AC Milan, the critical question revolves around price. United's investment in Ugarte underscores an expected valuation that Milan must consider. Mendes' simultaneous approach to three Serie A clubs suggests a willingness on United's part to entertain offers for Ugarte. This evolving scenario could further impact Manchester United's negotiation leverage as they assess his potential exit from the club.