The 69-year-old finally brought an end to speculation over his future when he announced his decision to step away from the San Siro outfit on Friday, with his departure set to bring to an end his 27-year stay at the helm of the Italian giants.
Reports suggest that Barbara Berlusconi - daughter of president Silvio - will now assume day-to-day control of running club affairs.
Rumours of a rift between the pair have been rife in recent times, with a poor start to the Serie A season only serving to increase the pressure on the club's hierarchy.
Milan sit 13th in the Serie A table, already 20 points behind reigning champions Juventus, and they have slumped down the division following a run of just three wins from their first 13 games.
With speculation over his future having dominated the back pages of the Italian press, Galliani has now confirmed his imminent departure - apparently hinting that it could come as soon as after the UEFA Champions League meeting with Ajax on December 11.
"I am leaving with good reason," he told ANSA. "I have suffered serious damage for my reputation.
"I'll spend a bit of time before deciding (what to do next), but my affection for the president (Silvio Berlusconi) remains unchanged."
Galliani's position as one of the major powerbrokers in Italian football has been built up over almost three decades, having first been appointed at Milan in 1986.
During his time in charge he has helped guide the club to eight Serie A titles, as well as five European Cups.
He has also established a reputation as a shrewd transfer negotiator, having masterminded deals to bring the likes of Mario Balotelli, Robinho and Kaka to San Siro.
