Millwall have given themselves a lift to their prospects by securing prized striker Mihailo Ivanovic to a new deal, and it could deter Leicester City from chasing the Serb down the line.
The 20-year-old arrived at The Den last summer for £2.8m from Vojvodina and netted 13 times in 40 outings across all competitions in 24/25.
As first exclusively reported by FLW, it has now been confirmed that Ivanovic has pledged his future to the East London club.
Although the contract length hasn’t been disclosed, this leaves Millwall firmly sitting on a financial asset since Ivanovic has long been coveted by league rivals Leicester City.
After months of rumours, Millwall’s determination to drive a tough bargain is clearer than ever — any club eyeing Ivanovic will now have to match Millwall’s valuation, and that could make Leicester hesitate.
Mihailo Ivanovic’s new Millwall deal ups the stakes for Leicester City and other possible buyers:
Talk of Leicester’s pursuit of Ivanovic stretched deep into the transfer window. Sky Sports named the Serbian international among the late-window possibilities for Foxes boss Marti Cifuentes as he looked to strengthen his frontline after Bilal El Khannouss travelled to Stuttgart for a medical.
However, some may recall prior warnings sent to interested clubs. According to Football Insider, the Lions’ board stressed that Ivanovic’s price would be over £10m.
Journalist Alan Nixon suggested £15m in an update via his Patreon, but regardless of the figure, it was obvious Millwall had no intention of accepting a lowball offer.
With Ivanovic now agreeing to fresh terms at Millwall, the challenge becomes greater for prospective buyers. This is because contract renewals generally increase a player’s worth, both in the transfer market and in the protection it gives to the selling club.
There’s every chance the East Midlands side could revive their interest though, given captain Ricardo Pereira, who operates at right-back, and winger Abdul Fatawu are currently joint-top scorers with just two each. Jordan Ayew remains the only recognised striker to have netted for the Foxes in the league so far.
Why Mihailo Ivanovic remains vital to Millwall’s ambitions in the Championship despite a slow start to 25/26:
Even though he hasn’t scored this season in seven matches, Ivanovic was still the driving force of Millwall’s attack in 24/25.
In his debut campaign in England, the former Sampdoria loanee struck 12 goals in 37 Championship appearances, making him the club’s top scorer — far ahead of Duncan Watmore and Josh Coburn, who both managed five.
Director of Football, Steve Gallen, said upon the announcement: “pleased Mihailo has signed a long-term contract with the club”.
“We had a lot of enquiries and offers for Mihailo over the summer, but we didn’t accept them,” he continued.
“This new contract is just a reward for a very good first season in English football and we hope he keeps improving and scoring goals.”
In reality, Ivanovic is a player Millwall knew could shape their future — either by leading the line on the pitch or delivering a lucrative payday in the market later.
The decision to secure him, therefore, isn’t just about warding off Leicester or others. It’s a strong statement that Millwall intend to back their man and reap the rewards, whether competitive or financial.
Promoted from League One at the end of 16/17, the Lions are in their ninth straight Championship season and clubs of their stature are always under pressure to sell and reinvest.
Reactions from The Den faithful have been split, with one fan suggesting the deal is the best outcome for Ivanovic, while another commented it just ensures the club fetches more money in the winter window.
Still, for Ivanovic to hand Millwall that big payday, he needs to start finding the net again. That may happen now his contract situation is resolved, with the likelihood of improved wages. According to Capology, Ivanovic was earning £2k-a-week on his previous deal, which placed him among the club’s lowest earners.
Whatever unfolds in January or beyond, one thing is clear — any club that wants Mihailo Ivanovic will need to pay a premium, which could exceed the reported £15m if he rediscovers his scoring touch.
That alone might be enough to put Leicester off making a move, despite their pressing need for more attacking options.