Milan released a statement confirming the news through their club's television channel on Saturday morning,that the 32-year old will be joining the Italian outfit.
Lopez will undergo a medical on Monday and will sign a four-year deal afterwards to complete the free transfer to Milan.
Milan coach Fillipo Inzaghi was quoted to have said that the arrival of Lopez " is very important" for them because "he's an experienced goalkeeper."
With the arrival of Costa Rican goalkeeper Keylor Navas from Levante,it became apparent that Lopez was headed for the exit,especially with coach Carlo Ancelotti appearing to be ready to reinstate Iker Casillas as the club's number one keeper.
Both keepers were rotated in between the sticks by Ancelotti last season,with Lopez preferred for the league games,while Casillas manned the post in the Champions League.
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