China's richest man and founder of e-commerce giant Alibaba Jack Ma is closing in on a takeover of Italian football giant AC Milan, according to newspapers in Italy.

Reports were rife earlier this month that a Chinese consortium is one of the leading bidders for AC Milan.

AC Milan is currently owned by ex-Italian Prime Minister Silvio Berlusconi, whose holding company Fininvest controls a majority stake in the club.

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According to reports, Ma and other Chinese co-investors would buy 70 percent of Fininvest's shares immediately after signing the deal, while remaining 30 percent of shares will be bought by end of this year.

Ma already owns Chinese football club Guangzhou Evergrande, which the Chinese billionaire acquired in 2014. The AC Milan deal would be Ma's first big acquisition in European football         

As for Berlusconi, the deal would virtually end his association with AC Milan, an association that spans across three decades. Italian media claim that Berlusconi has felt increasingly let down by his club's lackluster form during past few seasons.

Once considered as royalty in European football, the club has finished outside Serie A top 10 in the last two seasons. The last big silverware that AC Milan won was the 2010-11 Italian Seria A Championship.  However, since then, the club has become a pale shadow of its glorious past.      

The club's poor run of form has severely affected its financial fortunes, with AC Milan missing on lucrative television rights and stadium attendance falling considerably. The club's sliding financial fortunate's is said to be the main reason behind Berlusconi's decision to sell his stake.

TagsJack Ma, AC Milan, Alibaba, Silvio Berlusconi