Bennacer returns to Milan's transfer equation after the Zagreb episode
Ismaël Bennacer is once again one of the open topics of the summer transfer window surrounding AC Milan. The Algerian midfielder, who spent the 2025/2026 season on loan at Dinamo Zagreb, is expected to leave the San Siro club this summer, and the change of representation agency has given additional weight to such an outcome. According to information published by Fabrizio Romano and reported by Italian and regional media, Bennacer has moved under the umbrella of Lian Sports Group, the agency that is expected to handle negotiations over the next step in his career. Transfermarkt currently lists him as an AC Milan player with a contract until June 30, 2027, and as a footballer represented by LIAN Sports Group, which confirms that his status is not only a matter of sporting assessment but also of a broader market process. In such circumstances, Milan is trying to find a solution before entering the final year of his contract, while Dinamo can follow developments only if a financially acceptable scenario opens up.
Bennacer's case is important because it brings together several elements that often determine the fate of experienced players at major European clubs: a high salary, a contract nearing its end, a changed role in the team, and the need to find a market solution before the club's negotiating position weakens. AC Milan officially announced back in January 2023 that Bennacer had extended his contract until June 30, 2027, and at the time the club described him as an important part of the midfield. Three and a half years later, the situation is different. According to reports from La Gazzetta dello Sport, Milan would first like to try to generate income from his departure, although Italian analyses also mention the possibility of a mutually agreed termination if a sale is not feasible. This means the final outcome will depend on a combination of Milan's financial expectations, Bennacer's personal terms, and the interest of clubs that see him as a reinforcement without long-term risk.
Change of agency as a sign that a new market solution is being sought
A change of representative does not in itself mean that a transfer has been agreed, but in football practice it often indicates that the player and his circle want to speed up negotiations or open new channels toward interested clubs. In Bennacer's case, the move came after his loan at Dinamo and at a moment when it became clear that he would not simply return to Milan's sporting hierarchy. According to a report carried by tportal, Romano stated that Bennacer will leave AC Milan this summer after his loan in Zagreb and that he is now represented by Lian Sports Group. Such wording does not represent official confirmation of a transfer, but it is an important market signal because it comes from a journalist who systematically follows the international player market. Given that Bennacer still has one season left on his contract, the new representation team will have to align the interests of the player, Milan, and a potential buyer or new employer.
For Milan, the question of representation is also important because talks about his departure do not involve only the amount of the transfer fee. According to La Gazzetta dello Sport, Bennacer's annual net earnings are estimated at around four million euros, an amount that significantly narrows the circle of clubs ready to take on the entire package. If it were a classic sale, an interested club would have to consider the transfer fee, salary, and contract length. If, however, the path were toward a mutual termination, Milan would have to assess whether it is worth giving up possible income in order to reduce salary costs and free up space in the squad. That is precisely why the change of agency can have practical value: new representatives can seek more flexible models, from a transfer with a reduced fee to an agreement in which the player would accept a different earnings structure in a new environment.
Dinamo had a purchase option, but not at any price
On September 4, 2025, Dinamo announced that it had reached an agreement with AC Milan on a one-year loan of Ismaël Bennacer with an option to buy the contract. The following day, Milan also officially confirmed that the Algerian midfielder had gone to GNK Dinamo Zagreb on loan with the possibility of a permanent transfer. This gave the Zagreb club the opportunity to assess a player who earlier in his career had the status of one of Milan's more important midfielders, but also to evaluate whether his experience could justify the financial level of the deal. According to La Gazzetta dello Sport, the purchase option amounted to ten million euros, but Dinamo did not activate it. The same source states that Bennacer made 19 appearances in all competitions in Zagreb, which explains why a permanent transfer under the original terms was not an easy decision.
Nevertheless, the story between Bennacer and Dinamo is not necessarily over. Zvonimir Boban, the president of the Zagreb club and a former Milan player and official, according to La Gazzetta dello Sport, said that Dinamo wants to keep Bennacer, but is waiting to see how the player first resolves his contractual status with the Rossoneri. According to the same source, Boban assessed that Dinamo could be an ideal environment for Bennacer to continue his career if a solution with Milan opens up. Such a position shows that Dinamo is not rejecting the player's sporting value, but sees the problem in the economics of the deal. A club operating outside the richest leagues must pay special attention to the ratio between salary, transfer fee, and expected impact, so any possible return can be viewed only through significantly more favorable terms than the originally agreed option.
Milan's calculation: squad reduction and departure before the final year of the contract
For AC Milan, Bennacer's status is part of a broader squad and financial logic. Top Serie A clubs generally try to avoid situations in which a player with a high salary enters the final year of his contract without a clear sporting role, because then the possibility of collecting a transfer fee declines, while negotiating power shifts toward the player and interested clubs. Milan brought Bennacer from Empoli in the summer of 2019, which the club then officially presented as a five-year contract. In January 2023, by extending him until 2027, Milan confirmed that it saw him as a midfielder of long-term importance. However, developments after his injury, competition in midfield, and later loans to Marseille and Dinamo changed the dynamic.
Bennacer went on loan to Olympique Marseille in February 2025 with an option to buy, which Milan officially announced as a temporary departure until the end of the season. After that came the loan to Dinamo, also with the possibility of a permanent transfer. Two consecutive loans with purchase options clearly show that Milan had for some time been looking for a model through which the player would continue his career away from San Siro. La Gazzetta dello Sport states that Bennacer has not played for Milan since February 2, 2025, which further explains why the club wants to find a final solution. From Milan's perspective, the ideal outcome would be a transfer that brings income and at the same time removes a paid contract from the balance sheet. If the market does not offer sufficiently strong interest, negotiations could move toward a compromise in which all sides would have to give up part of their initial demands.
A career marked by a major rise, but also by an injury that changed the rhythm
Bennacer's market value cannot be understood without a broader look at his career. In its announcement of his arrival, Dinamo recalled that he is an Algerian international with extensive experience playing in one of Europe's strongest leagues and that, in a Milan shirt, he had recorded 137 appearances in Serie A and European competitions. The same club noted that Bennacer was named the best player of the tournament at the 2019 Africa Cup of Nations, after which he moved from Empoli to Milan. At Milan, he won the Italian championship in the 2021/2022 season, and his goal against Napoli in the 2023 Champions League quarterfinal is particularly remembered, in a season in which Milan reached the semifinal of that competition. Such a résumé explains why he still attracts attention today, even though recent seasons have not been equally stable.
The key turning point came in May 2023, when AC Milan officially announced that Bennacer had undergone surgery in Lyon on his right knee because of a cartilage injury. The club stated at the time that the operation had been successful and that recovery was estimated at at least six months. Such an injury, for a midfielder who relies on changes of rhythm, covering space, and intensity in duels, can have long-term consequences for continuity, even when the player returns to competitive football. Bennacer returned to the pitch, but after the operation he did not re-establish himself firmly in Milan's first plan. That is precisely why the current transfer window is not viewed only as a question of changing clubs, but also as a search for an environment in which he could once again receive a clear role and enough minutes.
Why Bennacer could still be interesting to the market
Despite reduced playing time in the most recent period, Bennacer has a profile that is not easy to find on the market. He is a left-footed midfielder who can play as a defensive, central, or more attacking midfielder, as Transfermarkt also states in the player's profile. Such tactical flexibility is especially valuable to clubs looking for a midfielder capable of connecting the first phase of build-up play with progression toward attack. His experience in Serie A, the Champions League, the French league, and international football gives him a weight that younger players often do not have. On the other hand, interested clubs will have to carefully assess his medical record, rhythm after injury, and the overall cost of the contract.
For clubs that cannot pay a high transfer fee, Bennacer would become significantly more interesting if Milan agreed to a reduced price or if the possibility of termination opened up. In that case, negotiations would shift to personal terms and contract duration, and the player could choose an environment that offers him greater sporting stability. Dinamo is mentioned in that picture because of the previous loan, Boban's interest, and the fact that Bennacer has already become familiar with the Zagreb environment. Still, according to the available information, it has not been officially confirmed that a new arrangement has been agreed between Milan, Dinamo, and the player. At present, it is safer to speak of an open possibility than a completed deal.
Dinamo can wait, but it does not control the outcome
In Bennacer's case, Dinamo finds itself in the position of an observer with potential interest, but without full control over the process. The Zagreb club has already decided that the existing purchase option is not acceptable under the original terms, which means that any possible return can happen only if Milan and the player change their starting positions. This is not unusual in situations where a loan ends without the activation of a clause, but the relationship between the player and the club remains open. If Milan insists on a transfer fee that Dinamo cannot or does not want to pay, the Zagreb option would quickly weaken. If, however, the priority becomes easing the wage budget and reaching an agreement with the player, Dinamo could re-enter the talks.
On the other hand, the change of representation agency can expand the market beyond Dinamo's reach. Lian Sports Group has already been connected with a number of players who play or have played in Europe's strongest leagues, and such a network can open contacts toward Italy, France, Turkey, the Middle East, or other leagues where a larger contract can be paid. This does not mean that Dinamo is out of the game, but that its interest must compete with the economic terms that other markets can offer. In that competition, the Zagreb club's advantage may be the familiar environment and the possibility of a clearer sporting role, while the biggest obstacles are the overall cost and Milan's desire to still generate income.
The transfer window will decide whether a return to Zagreb opens up
As of July 7, 2026, the most firmly confirmed facts remain the following: after his loan at Dinamo, Bennacer is once again tied to Milan; his contract is valid until June 30, 2027; Dinamo did not activate the purchase option, which Italian reports put at ten million euros; and the new representation framework further points to the search for an exit solution. Everything beyond that remains a matter of negotiation. Milan must decide whether it will wait for an offer that includes a transfer fee or move toward termination and cost reduction. Bennacer must find a club where he will receive the status and terms that suit his career after a demanding period. Dinamo, if it wants to stay in the game, must wait for the moment when sporting desire and financial feasibility become part of the same package.
Such an outcome could take time because the market for midfielders often moves only when bigger clubs conclude their priority incoming and outgoing transfers. Bennacer's name carries weight, but his situation requires a precise agreement. For Milan, this is an opportunity to settle, before the final contract year, the issue of a player who is no longer at the center of the project. For Bennacer, it is a chance to choose an environment in which he will once again compete with continuity. For Dinamo, it is a potential opportunity, but only if the price and contract structure fall to a level the club can justify in the long term.
Sources:
- AC Milan – official confirmation of Bennacer's loan to GNK Dinamo Zagreb with an option for a permanent transfer (link)
- GNK Dinamo Zagreb – official announcement of Ismaël Bennacer's arrival on a one-year loan with a purchase option (link)
- AC Milan – official announcement of the extension of Bennacer's contract until June 30, 2027 (link)
- AC Milan – official announcement about right knee surgery and the estimated recovery period in 2023 (link)
- La Gazzetta dello Sport – report on the non-activated purchase option, Boban's position, Bennacer's salary, and Milan's transfer calculations (link)
- tportal – report on Fabrizio Romano's information, the change of agency, and the expected departure from Milan (link)
- Transfermarkt – player profile, current club, contract duration, position, representation agency, and market value estimate (link)