The Rossoneri will be replaced by Torino in the competition, with Roma moving directly into the group stage.
Milan and Uefa have reached a compromise to prove the club’s intent to balance their books, with the Italian clubs asking to be withdrawn from the competition.
The move will now allow Milan, who finished fifth in Serie A last term, to further time to become financially stable.
A statement from the Court of Arbitation for Sport (CAS) read: “CAS has issued a Consent Award embodying the agreement reached between AC Milan S.p.A and the Union of European Football Associations (UEFA) concerning breaches of the UEFA Financial Fair Play Regulations by the Italian club.
“AC Milan is excluded from participating in the UEFA Club Competitions of the sporting season 2019/2020 as a consequence of the breach of its FFP break-even obligations during the 2015/2016/2017 and the 2016/2017/2018 monitoring periods.”
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