ROME (AFP) - Thai businessman Bee Taechaubol will on Saturday purchase a controlling 51 per cent stake in ailing Serie A giants AC Milan from club owner Silvio Berlusconi, Italian media report.

"M. Berlusconi has said yes to M. Bee; meeting tomorrow (Saturday) at Arcore (Berlusconi's family home)," the Gazzetta dello sport website announced on Friday.

Speculation over the seven-time European champions' sale has been rife with Bee emerging as the leading contender.

Various news outlets suggest the two men are now ready to shake hands on a deal worth an estimated €500 million (S$745 million).

Bee, the executive director of a south-east Asian private equity group, admitted interest in Milan in February.

Since former Italian Prime Minister Berlusconi bought AC Milan in 1986, the club have been crowned champions of Europe five times.

But they have fallen on hard times this campaign with the forecast deal coming at the end of a week which saw Milan humiliated 3-1 by Genoa, triggering speculation club legend Filippo Inzaghi will be sacked as coach.

The San Siro was almost deserted and those that were there jeered the team off at the final whistle as they lost at home to Genoa for the first time in 57 years.

That defeat left Milan mired in mid-table, trailing champions-elect Juventus by a massive 33 points.