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Argentinian Hernan Crespo, who spent the last season on loan at the club, is returning to London.
"We are delighted that Hernan is returning," said club manager Peter Kenyon on the club's website. "He had a great season at Milan and proved to be a great player. Hernan is happy to return to Chelsea and knows that everyone here is eagerly waiting for him."
The English club started preseason training on Wednesday, but H. Crespo will join his teammates on Monday, as the season in Italy ended later than in England.
The 30-year-old striker, who played for Parma, Roma's Lazio, and Inter Milan before moving to Chelsea in the summer of 2003, scored 18 goals in all competitions for AC Milan last season, including two in the UEFA Champions League final, in which Milan lost to Liverpool on penalties.
The 2003-2004 season was not particularly successful for the Argentine striker, as he only scored 12 goals in 31 games, which did not satisfy the club's leaders.
Milan quickly filled the gap left by the Argentine in attack by signing Italian Christian Vieri, who became a free agent after being released by another Milan club, Inter.
