| IN | FROM | FEE | SOURCE |
| Alberto Gilardino | Parma | €25m | Milan accounts |
| Marek Jankulovski | Udinese | €8.5m | La Gazzetta |
| Christian Vieri | Inter | Free transfer | |
| Johann Vogel | PSV | Free transfer | |
| Zeljko Kalac | Perugia | Free transfer |
| OUT | TO | FEE | SOURCE |
| Jon Dahl Tomasson | Stuttgart | €5m | La Repubblica |
| Vikash Dhorasoo | PSG | ? | ? |
| Marco Donadel | Fiorentina | €1.3m | La Repubblica |
AC Milan finance 