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(my response cut & pasted from the transfer thread)
The rumor came out yesterday that Milan were thinking about him and there was mention of an offer for a 2-year contract, but nothing official has been mentioned by either club. Failing more information forthcoming, I'd say it's probably just a rumor.
That said, having good cover in the CB position wouldn't be a bad idea at all. Due to his age, Panucci would by necessity be a short-term solution to this issue. He's good in the air and has shown very good form in the last year, including his play for the Azzurri. While I'd prefer a long-term buy (like, say, Giorgio Chiellini from Juve), short term might not be disastrous if the kids playing for the Italy U19s really are good. Both CBs and the LB from the U19s are Milan Primavera players.
While there are reasons (his stroppy personality in particular) to be against a possible move, I wouldn't necessarily mind seeing Panucci in a Milan jersey again, if the rumor turns out to be true. I know I'm a bit of a sentimentalist, but I continue to have tremendous respect for the very classy performance a 21-year old Panucci put in in the 94 CL final (the 4-0 thrashing of Cruyff's Barcelona).
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