MILAN — Vincenzo Montella extended his contract as AC Milan coach by one year through the 2018-19 season on Tuesday as the Rossoneri prepare to make a major impact in the transfer market.
The announcement was made live on Facebook with Montella, Milan CEO Marco Fassone and sporting director Massimiliano Mirabelli.
The move came two days after Montella guided Milan to a sixth-place finish in Serie A and a spot in the Europa League playoffs in his first season in charge.
The seven-time European champions have not played in Europe in three years.
Montella also led Milan to a penalty shootout win over Juventus in the Italian Super Cup in December.
"Now Milan can aim for more glorious objectives that are more in line with the history of this club," Montella said.
"Last night we had dinner together and in no time we reached an agreement," Montella added. "Then this morning we got together to sign."
Also Tuesday, Milan announced the signing of Argentine-born centre back Mateo Musacchio from Villarreal.
Musacchio, who also has an Italian passport, signed a four-year contract.
Milan is also reportedly ready to spend 28 million euros ($31 million) to sign Ivory Coast midfielder Franck Kessie from Atalanta.
Kessie was undergoing medical exams Tuesday.
The Gazzetta dello Sport has also reported that Milan is hoping to sign striker Alvaro Morata from Real Madrid for 60 million euros (nearly $70 million).
A Chinese-led consortium that purchased Milan from Silvio Berlusconi for $800 million last month has infused the club with cash.
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