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RedBird Capital Partners have agreed a €1.2 billion deal to complete their takeover of Milan.
The American private investment firm on Wednesday confirmed a "definitive agreement" has been reached to acquire the Serie A champions from Elliott.
RedBird, who have a stake in Liverpool's owners Fenway Sports Group, are expected to officially take the Rossoneri over in September.
Elliott will retain a minority financial stake in the club and its own representatives on the board of directors,
A statement on Milan's website said RedBird's aim will be to get Milan back to the top of world football on the back of the club's first Scudetto in 11 years.
Gerry Cardinale, founder and managing partner of RedBird, said: "We are honoured to be part of the illustrious history of Milan and we are thrilled by the prospect of being able to write the next chapter of the club just as it has returned to occupy the deserved position at the top of the Italian championship with an eye to future goals in European and world level.
"I would like to thank Gordon Singer [managing partner of Elliott] and the entire Elliott team for the extraordinary work they have done in the last four years in bringing Milan back to the top of Serie A.
"RedBird's investment philosophy and the results achieved in the world of sport have demonstrated that football clubs can be successful on the pitch while maintaining a sustainable financial profile. We look forward to starting a long-term partnership with the club, his management and Milan fans from all over the world to continue to push Milan higher and higher in the years to come."
Singer stated: "When Elliott acquired Milan in 2018 we inherited a club with an extraordinary history, but with serious financial problems and disappointing sports performance.
"Our plan was simple: create financial stability and bring back Milan in their rightful place in European football. I think it can be said that we have achieved both goals.
"In this moment of transition towards the next chapter in the history of Milan, I want to express our deepest feeling of humility, pride and above all gratitude for the experiences we shared with every member of the Milan family: we could not have done any of this without you, the people of Milan."