AC Milan are on the hunt for a new manager following their failure to qualify for the Champions League and subsequent sacking of Max Allegri.
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Bournemouth boss Iraola has emerged as the favourite to take over, with the Italian giants said to have travelled to London to hold talks.
According to journalist Nicolo Schira, AC Milan have put a three-year deal worth €4 million a year on the table in order to persuade him.
They face some stiff competition, however, with Crystal Palace, Bayer Leverkusen, and Newcastle all keeping tabs on the 43-year-old.