The Atletico Madrid striker is set to move to San Siro on loan as part of the arrangement that will take Fernando Torres in the opposite direction.
Cerci has struggled to break into Diego Simeone's plans this term - having arrived from Torino in the close-season - starting just once in all competitions.
However, the Italy international hopes more regular football back in Serie A will keep him in the thoughts of national coach Antonio Conte ahead of a number of European qualifiers in 2015.
"I'm just waiting for my medicals and the signing of the contract, but I'm very happy," Cerci told reporters at Linate Airport in Milan.
"It was important for me to come back to Italy. I took a long route, but it's what I wanted in the summer.
"I'm happy with the way things turned out, with a view to the national team too.
"I've landed here and I must prove I'm an excellent player. My first feelings are positive, returning to Italy in the Milan colours is exactly what I wanted."
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