The 19-year-old is seen as a huge talent for the future and spent last season on loan at French side Montpellier where he netted four goals in 13 games.
However, off the pitch things didn't run so smoothly and Niang was given an 18-month suspended jail sentence in February for a hit and run car accident that became big news in France.
The young player hit several other cars in his Ferrari before running into a tree causing 11 people to file complaints, several of whom were injured.
Pictures of the wreckage of Niang's Ferrari circulated all over the internet and eye-witnesses stated it was a miracle that nobody was killed.
Niang turned down moves to Arsenal, Manchester City and Tottenham before signing for Milan from Caen in 2012 but he struggled to adapt to life in Serie A and failed to score in 28 outings there before being sent back to France.
According to Sportmediaset, West Ham are ready to give Niang a chance to show his talent and have agreed a season loan with Milan for a fee of around £300,000 with the option to make the transfer permanent for £4m.
The player is yet to give his blessing but it has reportedly been made clear that he won't be in Milan's first-team plans next season.
Should Milan sell Niang permanently to West Ham they would insert a 10 percent sell-on clause to ensure they don't regret giving up on him before he matured.