Apparently, City had a bid rejected yesterday—reportedly in the region of €45-50 million. Milan, however, are holding out for more, and from the noise around the situation, it seems they're open to letting him go for a higher fee, likely around €65 million.
There’s talk of a gentleman’s agreement between Milan and Reijnders: if they fail to secure a Champions League spot, they won’t stand in his way. Reijnders, for his part, is said to be keen on the move to City. But he also wants to handle the situation with respect—he’s not looking to force a transfer, especially not at €45 million. He’s willing to wait, but it’s clear the interest is mutual.