Milan currently sits in sixth place with six matches remaining in Serie A and is almost certain to miss out on Champions League football next season.
Brocchi, who according to Football Italia dined with Milan president Silvio Berlusconi, would be Milan’s fourth coach in two years.
Brocchi played 135 times for Milan as a defensive midfielder, winning two Champions League titles and one Serie A championship.
Should the move eventuate it would be Brocchi’s first senior coaching role, having been in charge of Milan’s under-19 team since 2014.
AC Milan is still in contention to win a trophy this season when they take on Juventus in the Coppa Italia final on Sunday 22 May – a match which will be LIVE, FREE and in HD on SBS.