With the departure of manager Carlo Ancelotti, AC Milan now look likely to part ways with another prominent figure from their ranks. Media in Italy and Spain are atwitter with reports that a deal to send Kaka to Real Madrid for 65 million euro is as good as done, while the British press detail Chelsea's failure to hijack the move at the eleventh hour.

New Real Madrid president Florentino Perez, the architect of the galactico era in 2000/06 that took charge of the club on June 1, had to raise his bid from an initial 60 million euro, Spanish daily As said. Kaka would be on an annual salary of nine million euro, but Real would have 50 per cent of the player's image rights, the newspaper said.

Chelsea's superior offer - 80 million euro transfer fee and 12 million euro a year in wages, along with a reunion with Ancelotti - still fell short. Perez flew Milan vice-president and close friend Adriano Galliani in to hammer out the final details together with Kaka's father Bosco Leite, who is also the player's agent.

In the end, the lure of the Premier League and a chance to continue working under Ancelotti was not enough and Real Madrid is expected to officially announce Kaka's signing by the end of the week. The Brazilian playmaker was the target of an even more audacious bid from Manchester City, whose 100 million euro offer was rejected in January.

Kaka joined Milan from Sao Paolo in September 2003 and has become the face of the team that won the Serie A title in 2004 and reached the final of the Champions League in 2005 and 2007. Milan's victory in the 2007 final bagged Kaka the Ballon d'Or and Fifa player of the year awards.

Just last week, Kaka said that he had no intention to leave Milan, but his sale is now set to facilitate the change of guard at San Siro, giving new manager Leonardo the funds to rebuild an aging squad in his image.