According to France Football, the appointment of the 69-year-old will be imminent, while the team's sports director, Leonardo, will be the key piece in the negotiations.
Without a team after leaving Arsenal at the end of last season, Wenger has been linked with various managerial positions which included Paris Saint-Germain but it seems the Milan brass want the Frenchman in to help improve their standing in the league after a subpar start.
The Rossoneri have recently been taken over by the U.S. investment fund Elliot Management Corporation and the early season form of the club this term has not lived up to the expectations of those in power at the fund and they want to replace Gennaro Gattuso according to these reports.
If the move was to materalise, it would see Wenger reunite with Ivan Gazidis, who left Arsenal in September to become Milan's new Chief Executive.
With his former manager reportedly ready to roll his sleeves back up after a restful period - in his own words - "early next year" could Gazidis get the band back together for 2019?