Hernan Crespo looks likely to extend his loan spell with Italian side Milan, although there has been speculation that Chelsea would like him to return to Stamford Bridge.Crespo, 29, is keen to stay at the San Siro and is even prepared to take a pay cut to ensure the deal goes ahead.

“Regarding Crespo, between today and tomorrow we will know where the Argentinian striker will play,” said Milan vice-president Adriano Galliani.

“I want to thank Crespo for the great economic sacrifice he has made to have the possibility of staying.”

But with Chelsea’s signing of Asier del Horno, the chances of them also buying Milan defender Kakha Kaladze looks remote, and this may have a bearing on Crespo’s situation. The Argentinian was hoping to be involved in a swap deal with Kaladze, but the arrival of del Horno appears to have scuppered that plan.

Argentine forward Crespo is reluctant to return to Chelsea after a disappointing spell in the Premiership with the Blues.

Crespo’s return to Italy coincided with a return to form, scoring 18 goals in a season that saw them finish as runners-up in the Champions League to Liverpool and to Juventus in Serie A.

He added: “It’s difficult to discuss the future when I still don’t know what will be my destination. Until 30 June I’m a Milan player and I hope I am after that date.

“I don’t really know if my transfer is related to that of Kaladze but I want to find out if that is the case and what my situation is.

“A year ago I considered hanging up my boots until I arrived at Milan, so I know who I have to thank for what I have today.

“The Rossoneri club, the doctors are responsible for my return to being a footballer. I have shown to the world that I am a Milan player.”