The media mogul was forced to stand down from the position after he was elected the Italian Prime Minister for a third time in 2008 in order to avoid a conflict of interest.

However, Berlusconi resigned from office in November of last year, thus enabling him to take up his old role with the Rossoneri.

"President Silvio Berlusconi has returned to his club," a statement on Milan's official website read.

"The board of directors, meeting today, have appointed him, by acclamation, as honorary president."

The 75-year-old saved Milan from bankruptcy when he acquired the club in 1986 and went on to oversee a remarkable era of success that yielded five European Cups.