According to Italian outlet Calciomercato.com, both Arsenal and Chelsea are interested in the youngster.
The 16-year-old forward also has suitors in Manchester United and Manchester City.
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While he is only 16, Camarda can sign a new professional contract for up to three years.
Milan are said to have an agreement in principle with the player and his representatives.
However, they know that top clubs in England and Germany are eager to bring him in as well.