The Morocco international was on loan to Fulham but is now due to sign for Clarence Seedorf's side.
Taarabt has not scored in 12 Premier League outings this season, but will be hoping to change that barren run during his stay in Serie A.
Taarabt told the Milan Channel: "I'm honoured to be able to play for the best club in the world.
"I spoke with Seedorf and we're both happy to work together. I'm an attacker and I like to play behind the strikers."
Speaking about the prospect of playing with Mario Balotelli and Kaka, the 24-year-old said: "I don't know Balotelli personally but I know who he is and it's pleasing to be able to play with him and with Kaka."