AC Milan is in discussions with Kaka's agents and Real Madrid to try to bring the Brazilian back to San Siro.
Kaka's representatives, Gaetano and Dario Paolillo, met with Milan vice president Adriano Galliani at the club headquarters on Thursday.
Italian media reports say Galliani is also speaking to Madrid as he tries to convince the Spanish club to allow Kaka to return on loan.
Kaka has long been linked with a return to Milan, where he had a golden six-year spell during which he helped it to the Serie A and Champions League titles, becoming a global superstar.
A move to re-acquire Kaka, who has only started five games this season for Madrid, in the summer fell through and Galliani said on Wednesday that Milan could not afford his wages.
However, Kaka later hinted he would be prepared to take a pay cut.
Madrid paid AC Milan a reported $92 million for the 30-year-old playmaker in 2009.
Information from The Associated Press was used in this report.