The 25-year-old forward has spent the last two seasons at the Etihad Stadium, scoring 14 goals since his £22m transfer from Fiorentina in 2013.
His opportunities have been limited, however, and he began only nine matches in the Premier League last term.
He didn’t finish any of them and played a full 90 minutes for the club just twice in 2015/16, with his last appearance in a first XI coming at Everton on January 10.
Jovetic confirmed he was bound for the San Siro by posting a picture of him sitting in a plane on Twitter, accompanied with the words: “On my way to Milan.”
He repeated the phrase in Italian and copied in Inter’s official account. The striker spent five years in Italy previously.
Sky sources understand the deal will be a two-year loan, after which he will have 12 months left on his contract with City. Jovetic is expected to have a medical on Tuesday.