The 90-year-old club was sunk by huge losses suffered by its owner, the dairy products giant Parmalat. They now have to sell key players for survival.
Local newspaper Milan Sports says two Asian groups are interested in the team, including a Chinese syndicate.
Insiders have eyed China's Xu Ming, boss of seven-time Chinese league champions, Dalian Shide.
The 33-year-old Chinese tycoon, who is also linked with a bid for the England Premier League club, Leeds United, intends to take a foothold in the European football market.
Desperate Parma seems like a good opportunity for Xu Ming. (Yang Binyuan)