The 23-year-old is highly-coveted by several clubs in Europe, with Manchester United, in particular, said to have taken a keen interest after his breakthrough season in the Italian capital.
The midfielder is now hoping to raise his stock further by performing well for Serbia at this summer's World Cup and his agent, ex-Chelsea striker Mateja Kezman, believes his value could skyrocket based on his showing in Russia.
Kezman said: "We agree that he's one of the greatest products in European football in the last season.
"I don't want to talk about numbers [for a transfer fee], but it's clear the numbers are going up all the time.
"Real Madrid? He said in an interview that when he was a child he dreamed of playing for them.
"That's the aspiration of any young player though. In life and football you never know what morning will bring."
United's interest in Milinkovic-Savic looks as though it might have cooled as they seek to land Fred from Shakhtar Donetsk, leaving the way clear for Real Madrid and Paris Saint-Germain to fight it out.