Victory coach Kevin Muscst is keen to lure the former Victory captain back to the scene of former glories for a second stint.
But Milligan - the heir apparent to wear the armband for Australia in the absence of injured Mile Jedinak in their Confederations Cup opener against Germany (LIVE, FREE and in HD on SBS) - claims talk of a second coming for the Navy Blues is premature.
The 31-year-old was asked if he was heading back to the A-League after his imminent exit from relegated Abu Dhabi-based Baniyas SC, Milligan replied: "Melbourne Victory must be speaking to the papers because I don't have anything at the moment.
"There are a few things that are happening.
"But, to be honest, if I am able to do well at this tournament then things will fall into place themselves."
Muscat, who is in camp with the Socceroos as an assistant coach in preparation for Tuesday's (AEST) clash in Sochi against the world champions, is keen to make the 56-cap Milligan a marquee signing for next season following the departure of Oliver Bozanic to Japan and failure to come to terns with James Troisi.
The club are only willing to pay around $500,000 though, which is unlikely to meet Milligan's expectations.
In any event, Milligan, whose stature as one of Australia's pre-eminent midfielders remains undimmed, is not wedded to the notion of an A-League return, with Newcastle Jets also coveting his signature.
"At the moment the A-League definitely isn't in the forefront of my mind," he added.
"I have said that a few times but I don't know how much people listen to what I say because things keep getting reported.
"Look, the A-League is always on option.
"I have played there before and it has been very good to me.
"I would love to play in the A-League again, whether that is sooner rather than later, I really don't know.
"The easiest option would be to stay in the Gulf and not having to move my children and family and things like that.
"I am waiting on a few things but at the moment I am focused on this tournament because my best shot at getting to play where I want to play is to be successful here."
Milligan, who has captained Australia twice before, played down speculation he will lead Australia out against Germany.
"Nothing has been discussed (about the captaincy)," he said.
"We will just try to keep things normal in camp and see what happens on Monday I guess.
"I am fortunate enough to have captained Australia a couple of times and obviously it's a great privilege for whoever gets that role.
"But it's not what's on my mind, I just want to make sure over the next few days I make sure I'm ready if called upon to play
"Mile would love to have been here and he's a loss but the way the squad has been (training) whoever steps in will be ready to go."