Milanovic will join Palermo when his contract with the Russian side expires in July.
La Gazzetta dello Sport reports that the 19-year-old has signed a five-year contract worth around €400,000 per year with Palermo.
“You will see Milanovic training with us on July 1,” Palermo president Maurizio Zamparini told the press.
“There will be some other deals. I hope to close them all before the end of December and not go into the market in January,” he concluded.