Chelsea and Manchester City are both interested in the Bosnia international, who was desperate to go to the San Siro last summer only to be priced out of his dream switch.
Milan instead snapped up Klaas-Jan Huntelaar from Real Madrid and, after an indifferent start, the Holland striker has won over his employers with six goals since the winter break.
On target: Dzeko scores past Mainz keeper Heinz Mueller
After scoring in Saturday's 3-2 win at Cagliari, AC Milan sporting director Ariedo Braida said: 'Huntelaar is perfect. He scores and no one can kick like he does, so why should we sell him?'
The Italian giants consider Dzeko's £25m asking price to be too high, though it is well within Chelsea and City's reach. Tottenham and Manchester United have also been linked to the 24-year-old.
Dzeko, who scored 36 goals in 42 games last season, last week softened his stance on a move to Milan by inviting interest from elsewhere.
'I never said that I absolutely want Italy,' he said. 'If the right offer comes in then I will say yes.'
Milan are instead ready to look more to the future, with a £13.5m move for 16-year-old Anderlecht star Romelu Lukaku.
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