Zebina has had problems with the Juve hierarchy this season after his request for a pay rise was turned down and he is likely to leave the club in the summer.
Milan are on the lookout for defenders and with Cafu and Jaap Stam ending their stints at the San Siro in the summer, a move for Zebina is on the cards.
Reports suggest that the Bianconeri would allow Zebina to join their nearest title challengers, but only in exchange for Ambrosini, who has fallen out of favour at the San Siro.
Juve are looking to strengthen their midfield options and have been strongly linked with Palermo's Simone Barone.