Krul has been outstanding for Newcastle in the Premier League and made 14 saves to almost single-handedly ensure victory over Tottenham last weekend.
The Dutch 'keeper is making a compelling case for a place at the World Cup in 2014 and his excellent performances have won him a number of potential suitors.
There were reports in the summer that Arsenal were lining up a bid of just over £10m for Krul but nothing materialised.
And the Gunners are still said to be flirting with Krul but the shot-stopper continues to insist that he is happy where he is.
Turin-based newspaper Tuttosport believes that struggling Milan have the upper hand over Arsenal and are Krul's intended destination.
Veteran Christian Abbiati's contract expires in the summer and the Rossoneri are looking for a long-term option as Marco Amelia is out of favour and young Brazilian Gabriel is seen as lacking experience despite some decent showings.
The paper suggests that the move may not come until the summer when Milan are expected to overhaul their squad.