| IN | FROM | FEE | SOURCE |
| Ricardo Oliveira | Betis | €15m + Johann Vogel | Milan accounts |
| Yoann Gourcuff | Rennes | €4.6m | Milan accounts |
| Daniele Bonera | Parma | €3.3m | Milan accounts |
| Giuseppe Favalli | Inter | Free transfer | |
| Ferdinando Coppola | Ascoli | Free transfer |
| OUT | TO | FEE | SOURCE |
| Andriy Shevchenko | Chelsea | €43.8m | Milan accounts |
| Johann Vogel | Betis | Part of R.Oliveira deal, valued at €2.65m | Milan accounts |
| Jaap Stam | Ajax | €2.5m | Milan accounts |
| Christian Abbiati | Torino | €373,000 for season-long loan | Milan accounts |
| Samuele Dalla Bonna | Napoli | Free transfer | |
| Amoroso | Corinthians | Free transfer | |
| Rui Costa | Benfica | Free transfer |
