Taarabt has not enjoyed the best of seasons at the Barclays Premier League's newly promoted side. However, he has shown recent signs of a revival under the club's new manager Harry Redknapp.
Despite the club's relegation worries, Taarabt's skill on the ball appears to be attracting lots of interest from England's bigger clubs but the Morocco international sees the former Serie A champions as his golden ticket to a dream move to Real Madrid or Barcelona.
"I would only refuse offers from the big English clubs if Milan made me an offer," Taarabt told Gazzetta dello Sport.
"My agent is in talks with [Milan vice-president Adriano] Galliani, but it depends on what happens with Robinho and [reported Milan target Javier] Pastore.
"Milan aren't going through a glorious period now, and they're no longer a part of the top clubs. However, if I joined Milan then it would open up the doors for me to great clubs like Real Madrid and Barca."
Robinho is currently trying to persuade Milan to allow him to leave the San Siro for Brazil to re-join boyhood club Santos.
He originally left Santos to join Real Madrid in 2005, but arrived in Milan following an unsettled two-year spell with Manchester City.