The former Italy international was sacked from his role at Palermo after just six games in September and has since rejected several jobs in Asia.
Another Milan legend, Clarence Seedorf, is currently in charge of the Rossoneri, and the 36-year-old admits that he wants to follow in the footsteps of his old teammate and manage the Italian giants.
"I think that one day I will return to Milan as a Coach, because this club is my home," he told Sky Sport Italia.
"I gave up on many offers, including ones from Singapore and Malaysia. Now I have a proposal from a club an hour away from my home, so we'll see."
Gattuso won two Serie A and Champions League titles in his 13-year spell with the club.