Portuguese teenager Sanches has emerged as a transfer target for Milan, who reportedly want the 19-year-old on an initial two-year loan deal with the option to buy for €40million in 2019.
Sanches – who joined Bayern for €35m last season – only made nine starts under head coach Carlo Ancelotti in 2016-17 and the arrivals of Corentin Tolisso, James Rodriguez and Sebastian Rudy threaten to force the former Benfica youngster further down the pecking order.
“I can confirm that Milan have shown interest in Renato Sanches,” Rummenigge told Bild. “But we did not get any further.
“They reported midweek. And if you borrow a player from Bayern, that also has economic effects.
“At least I have the impression that AC Milan are not ready to meet our demands. It was not just about lending. At €48m I would not be dissatisfied.”
Backed by new Chinese owners, Milan have been busy in the transfer market, signing Juventus star Leonardo Bonucci as well as Andre Silva, Lucas Biglia, Mateo Musacchio, Ricardo Rodriguez, Hakan Calhanoglu, Andrea Conti, Franck Kessie and Fabio Borini.
Milan – sixth in Serie A last term – are also eyeing either Real Madrid’s Alvaro Morata, Borussia Dortmund star Pierre-Emerick Aubameyang or Andrea Belotti of Torino.