AFC Bournemouth have signed Christian Atsu from Chelsea on a season-long loan deal.
Midfielder Miguel Pallardo has signed a new one-year deal with newly-promoted Hearts while Danny Wilson leaves.
The 26-year-old left-sider has sunk down the pecking order under Milan coach Massimiliano Allegri in recent months and now the club has sanctioned a loan move.
Emanuelson, who joined Milan in 2011, is now on his way to London to undergo a medical.
"I will finish the season with a loan deal," he told De Telegraaf. "I have worked in a very good way with him (Martin Jol) at Ajax and am happy as he gives me the chance.
"Martin has a lot of confidence in me and that's what I need right now. At AC Milan I ended up on the bench from nowhere and I was really shocked with that. The previous two months were hard.
"At my age it is important to play week in, week out."