Ivan Gazidis is leaving his job as the Arsenal chief executive to join AC Milan. The 54-year-old, who joined the club in 2009, is expected to depart before the turn of the year.

Gazidis has been offered a salary of about £3.6 million — £1 million more than he earns at Arsenal — as well as an equity stake in Milan by the American hedge fund Elliott Management, which owns the Italian club. Elliott wants to transform Milan’s fortunes before potentially selling its investment would mean that Gazidis could earn a windfall. He has a 12-month notice period on his Arsenal contract and may have to spend some time on gardening leave.

Gazidis was instrumental in overhauling Arsenal’s management and coaching structure and effectively easing