Kaka has no deal to join Real Madrid in the close season if Florentino Perez wins the Spanish club's presidential election, the Brazil playmaker's agent and father said on Saturday.
Spanish newspapers said Kaka had agreed a five-year deal and would move for around 60 million euros ($81 million).
"There is no agreement with Real Madrid and it is not true that the player has already signed a contract with the Spanish club," Bosco Leite said in a statement on Milan's official website (www.acmilan.com).
Real, who have tried to sign Kaka on numerous occasions, hold their presidential election on June 14 with Perez the favourite to return to the role after his 'Galactico' spell in charge from 2000 to 2006.
• Inter Milan striker Hernan Crespo is talking with Fiorentina about a free transfer in the close season.
"He is an exceptional player but nothing has yet been agreed," Fiorentina coach Cesare Prandelli told a news conference on Saturday.
The 33-year-old Argentine has featured little for Serie A champions Inter this season while fourth-placed Fiorentina have lacked firepower up front since selling Giampaolo Pazzini to Sampdoria in January.