AC Milan chairman Silvio Berlusconi has agreed to sell his 99.93% stake in the club to a Chinese consortium.
The sale of the seven-time European Cup winners values the Italian club at €740m (£627m), with a further €220m (£186m) in debt.
The group buying the club, the Sino-Europe Sports Investment Management Changxing, have agreed to invest €350m (£297m) in the next three seasons.
AC Milan finished seventh in Serie A last season.
They will join their city rivals Inter in being owned by Chinese investors.
The announcement comes on the same day that Premier League side West Brom joined their Midlands neighbours Wolves and Aston Villa in being bought by Chinese consortiums.
