Reports in Spain Thursday said Kaka is a part of plans by the Rio de Janeiro club to form a team of galacticos with former Barcelona and Porto star Deco, Brazil striker Fred and possibly former Argentina international playmaker Juan Roman Riquelme.
Fluminense officials had denied the reports, Brazil's Uol reported Thursday.
Kaka is currently in Milan visiting "old friends", according to Italian media, reports Xinhua.
The 2007 FIFA world player of the year has been used sparingly by Real Madrid coach Jose Mourinho this season as speculation mounts about his impending exit from the Bernabeu.
The 30-year-old told Gazzetta dello Sport that he is willing to take a pay cut to facilitate a move to another club.
"I want to find a solution that is comfortable for me and Real Madrid," Kaka said.
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"It's a delicate situation. If Real Madrid and Milan agree, I am ready to make a sacrifice."