It is a figure that would also rank among the most expensive transfers in Serie A history.
The deal had been considered all but done for some time, with The Athletic reporting that Ramos underwent his medical while on international duty with Portugal in Florida. Fabrizio Romano has since reported the fixed fee has settled at €74m plus bonuses, a sum that continues to climb as the paperwork is finalised.
PSG paid €65m to sign Ramos from Benfica in 2024, meaning AC Milan are paying significantly above that figure for the Portugal international.
The reported fee would surpass even the amount Inter Milan paid for Romelu Lukaku from Manchester United — a landmark move in Serie A transfer history.
For Milan, the move is a statement of ambition under Ruben Amorim. Ramos was the head coach's first-choice striker and the player himself pushed to join the Portuguese coach at San Siro, driving the deal toward a conclusion.
The strong relationship between Milan owner Gerry Cardinale and PSG president Nasser Al-Khelaifi helped smooth the negotiations, with the two clubs maintaining a good rapport throughout the process.
Ramos' arrival breaks Milan's own record — surpassing the €49.5m spent to sign Rafael Leão — and announces the club's intentions heading into a season where Amorim is expected to challenge at the top of Serie A.
The speed with which the deal moved after the initial reports is a reflection of how decisive Milan have been in this window.
With Amorim at the helm and a club record fee committed to a single striker, the ambition of the project is beyond doubt, and Ramos — one of the most effective forwards in Europe over the past two seasons — arrives with the credentials to justify the outlay.