American investment firm RedBird Capital have reached an agreement to buy AC Milan for a reported €1.2 billion ($1.3bn).
The transition to new ownership will take place over the summer, with an expected closing no later than September 2022.
The newly-crowned Serie A champions confirmed the latest development in a statement on Wednesday.
"We are honoured to be a part of AC Milan's illustrious history and are excited to play a role in the club's next chapter as it returns to its rightful place at the very top of Italian, European, and world football." said RedBird founder Gerry Cardinale.
"When Elliott acquired AC Milan in 2018, we inherited a club with a tremendous history, but with serious financial problems and a mediocre sporting performance," he added.
"Our plan was simple: to create financial stability, and to return AC Milan to where it belongs in European football. Today, I believe we have accomplished both."
Elliot took over the San Siro-based club in 2018 after the previous proprietor Li Yonghong defaulted on his debts.
The deal will however see Eliott retain a minority financial interest in the club and seats on the Board of Directors.
RedBird also owns a stake in Fenway Sports Group - the firm that completed a €352 million takeover at Liverpool back in 2010.