World Cup-winning Italy defender Massimo Oddo is moving from Lazio to AC Milan, the clubs announced Tuesday.
Milan have agreed a 7.75-million-euro fee for the Lazio captain, who played briefly during last summer's tournament in Germany.
"I always said it was just a question of Milan coming up with the cash," Lotito said after the two-month negotiation.
As part-exchange in the deal, Milan midfielder Pasquale Foggia will make his loan to Rome permanent.
The deal will be sealed when the players sign, the clubs said.
Oddo, 30, started out in the Milan youth squad before learning his trade on loan to various Serie B outfits including Napoli.
He made his Serie A debut for Verona in 2000 before moving to Lazio in 2002, where he became captain this season.
During his Lazio career he frequently lobbied for a transfer to a stronger team, preferably Milan, to improve his chances with Italy.
Oddo is an attacking right-back with a fine cross who also likes taking a pop at goal with his strong right foot. It has also served him well as first-choice penalty-taker.
He hit the net nine times in 64 Verona matches and scored 12 goals in 101 appearances for Lazio.
Oddo has turned out 25 times for the Azzurri and scored his first international goal, a penalty, in a 2-0 Euro 2008 qualifying win against Ukraine last October.
At the World Cup, Oddo only played the last 23 minutes in Italy's 3-0 quarter-final victory over Ukraine.
He made more of an impression on the media as the team's impromptu barber, giving his team-mates a full-skull shearing as a good-luck token for the final stages.
Oddo may face his one-time arch enemy, AS Roma, in his first match for his new club - if he makes the team instead of two-time Brazil World Cup-winning defender Cafu.
Milan meet Roma in the first leg of the Italian Cup semi-final on Thursday.
Pundits say Milan wanted Oddo to beef up an ageing back-line which has been increasingly prone to errors, especially when defending against set-pieces.
He will also be expected to surge up the right flank and put in his trademark dipping crosses for the forward line.
Silvio Berlusconi's club have even bigger problems up front and are currently seeking reinforcements including Real Madrid's unsettled Brazil legend Ronaldo.
Milan is currently 9th in Serie A, 30 points behind leaders and cross-city rivals Inter.
