Bacca joined Milan from Sevilla at the end of last season, scoring 20 goals across all competitions in his debut campaign in Italy. 

However, a seventh-place finish for Milan in meant the Serie A outfit missed out on European football for a second consecutive season. 

Bacca's agent Sergio Barila confirmed West Ham put in a bid for the 29 year-old, but Milan is not prepared to let its star forward go easily. 

"There was an offer last week from West Ham which was rejected so we must wait," Barila told the Guardian. "Carlos is very happy in Milan because it is a very big club and he has enjoyed his time there so far.

"But they will not play in European competition next season and that could be a problem.

"At the moment Carlos is training with the national team for the Copa America and it is likely we will have to wait for the new investors before anything can develop."