The Italian giants suffered a 5-1 aggregate defeat to Atletico Madrid in their last-16 tie.
Having lost the first leg 1-0 at the San Siro in Milan last month, the Rossoneri went down 4-1 at the Vicente Calderon in Madrid on Tuesday.
"We are disappointed, of course, that we are out of the Champions League," he told Sky Sports 1.
"Atletico started well and scored an early goal. We had a great reaction, but we conceded five minutes before the break, and psychologically that made it difficult to recover in the second half."