HITC Sport understands from sources close to the situation that both Premier League clubs have sent scouts to watch him in action for the League Two team's reserve side.
McMillan joined Notts County from West Brom at 16, and has been likened in style to Paul Scholes for his ability to score goals from midfield.
Notts County's official website describes the 17-year-old as a 'set piece specialist', and he has been a regular scorer in the youth ranks at County.
It is unclear whether either Premier League side will move for McMillan in the summer but there is genuine interest and if he continues to impress then his chance of a transfer will increase.
In the short term his aim should be to break into the Notts County side, with the team currently sitting in 16th position in the table, there could be an opportunity for him to get games at the end of the season.
He can be seen below scoring a goal from a free-kick for Notts County in the FA Youth Cup earlier this season.