The Viola are preparing for a battle to keep Milenkovic, as La Nazione reports Juventus are looking at the Serbian defender.
But the Old Lady could face competition from Fabio Paratici and Tottenham this summer, as the 23-year-old is being mentioned as a possible alternative should Spurs not reach an agreement over Cristian Romero.
The newspaper believes Spurs have targeted Milenkovic as a perfect fit should the Romero deal fall through.
Milenkovic arrived from FK Partizan in July 2017 and signed a five-year contract with the Viola, but he is now entering the last year of his deal in Florence.
Fiorentina hope to renew his contract but might have to cash in this summer to avoid losing the centre-back on a free transfer next year.
Milenkovic, capped 28 times by Serbia, has played 133 games for the Viola since arriving, contributing 11 goals in the process.