RedBird Capital, an American investment firm, has agreed to buy AC Milan from Elliott Advisors.
AC Milan, who won Serie A for the first time in 11 years at the end of last month, is valued at 1.2 billion euros (£1 billion).
Fenway Sports Group, the owners of Liverpool and the Boston Red Sox, has an interest in RedBird.
Elliott, who bought the club from Li Yonghong, will keep a minority investment and seats on the board of directors.
Milan has stated that the transition to new ownership will take place throughout the summer, with the agreement expected to be completed by September.
“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,” RedBird founder Gerry Cardinale said.
Elliott took over the seven-times European champions four years ago when Chinese businessman Li Yonghong failed to meet some obligations linked to a financing package for the purchase of the club from Silvio Berlusconi in 2017.
Elliott’s Gordon Singer added: “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.
“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.”
