According to China Daily sources, Silvio Berlusconi will remain as Milan President, but sale of 70 per cent will be completed by June 15-20.
The negotiations have been in full swing for several weeks and the Chinese consortium is currently in the due diligence stage.
China Daily claims a person familiar with the talks told them a deal is struck to buy 70 per cent of AC Milan.
Under the terms of the agreement, Berlusconi would remain as President for another two to three years, until the consortium buys the remaining 30 per cent of the club.
“If everything goes as planned, a final agreement will be reached by June 15-20, subject to any changes,” the source added.
“Berlusconi wants to know exactly who will be buying and how many of them there are", he added.
Although the price is not yet certain, it’s reported Milan as a whole is valued at €700m.
Members of the consortium are believed to include Jack Ma, founder of Alibaba Group.