The Italian giants have been in talks with the Premier League leaders over the past few months, with the Argentina international keen on signing for the Serie A side.
Milan vice-president Adriano Gallaini has reiterated that the chance of Tevez's arrival could depend on the potential signing of Catania frotnman Maxi Lopez.
"We will make a definite decision on Friday," Galliani told Gazzetta dello Sport.
"Will Maxi Lopez join as well? Who knows? I will just confirm that if he doesn't arrive, then we will sign Tevez, but they are two alternative options."
Inter Milan and Paris Saint-Germain were also in the running to sign the 27-year-old, but have since ended their interest in the controversial star.