The Italy international is expected to undergo a medical in Milan on Monday, with Fernando Torres already confirmed to be heading in the opposite direction.
Although nothing has yet been officially announced regarding Cerci's future, he appeared to confirm his expected switch on Twitter.
"Cannot wait to be in Milan for a medical and signing ... fingers crossed and forza @acmilan!," he wrote in a post shared by Milan's official account.
Cerci also expressed gratitude for his brief stint at Atleti, adding: "Thank you very much to all @Atleti fans for the love and all the moments spent together."
The 27-year-old has been restricted to six league appearances from the bench since joining Atleti from Torino for the 2013-14 campaign.
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