Maybe, but still the most sensible option would be give it to the Austrians. I mean, Milan only had strategical value due to the link with the Burgundian lands. Without it, it just becomes a isolated duchy that is a source of conflict with the French. The main Aragonese insterest was in Southern Italy, not the Northern half, and if Milan goes to Austria it might help to strenght the Emperor's power in Italy.
I'm not saying that Spain wouldn't get Milan, but probably the most sensible option would be give it to the Austrians too.
It would probably be the most rational solution, however I do not see the king of Spain giving up both 'Burgundy' and Milan. Holding onto territories by monarchs wasn't always decided on the most rational grounds. Furthermore the reason that the duchy of Milan is a source of conflict with France could just as well be a reason to give it to Spain and not Austria. In the OTL Austria had to face the Ottoman Empire; ITTL they will receive the wealthy Burgundian Circle, however at the price that they will have to pay for a (larger) part the burden of the conflict with France.
Furthermore with Spain controlling the duchy of Milan, they in theory still have a stake in the empire.
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