AC Milan dismissed Sérgio Conceição as anticipated on Thursday after a lackluster season that prevented the Rossoneri from qualifying for European competitions.

The seven-time European champions have reportedly finalized an agreement with Massimiliano Allegri to take over as coach.

Milan ended the Serie A campaign in eighth place, trailing Italian champions Napoli by 19 points.

"The club extends its gratitude to Sergio and his staff for their commitment, professionalism, and dedication during their tenure leading the first team in recent months," Milan stated.

Conceição succeeded the dismissed Paulo Fonseca in December with an 18-month contract and swiftly led Milan to victory in the Italian Super Cup in Saudi Arabia in his initial matches.

However, Milan was ousted by Feyenoord in the Champions League playoffs in February and defeated by Bologna in the Italian Cup final earlier this month.

Meanwhile, Milan's city rivals, Inter Milan, are set to face Paris Saint-Germain in the Champions League final on Saturday.

Allegri previously guided Milan to the Serie A title in 2011.