Reports have emerged that the former Fulham player sould be set to return south.
Watford and Leicester City are believed to be prepared to pay Aberdeen £350,000 to secure the services of the left-sided midfielder.
Milsom has been frozen out of the Dons first team so far this season after recovering from a lengthy injury received last term.
He was also the victim of a serious piece of thuggery when former Rangers player Steven Naismith went over the ball unpunished in a match between Aberdeen and the now-dead Glasgow club.
Milsom has since fallen down the pecking order, and has not made an appearance from the subs bench this season in competitive fixtures.