The irony is that the venue for the next Champions League final is the San Siro, the home of both these clubs.
The Rossoneri were the last club to successfully defend the Europe's elite competition and are the most successful team after Real Madrid having won the coveted trophy seven times. Meanwhile, the Nerazzurri were the last Italian club to win the Champions League in 2010. They remain the only Italian club to have completed the treble.
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Both clubs have been going through tough times recently. Milan finished tenth last season, a massive 35 points behind champions Juventus. Inter too had a terrible season as they ended with three points more than AC in the eighth position.
Their downfall can be mainly attributed to poor management. Their financial instability has forced them to sell their star players and led to the departure of prominent personalities within the dressing room. It weakened the backbone upon which the teams were built. Also, the replacements brought in were unable to fill the void.
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With new season comes new hope. Both have been busy in the transfer market and seem to be carefully constructing their squads, rejuvenating their dressing room with fresh arrivals.
Inter have bought Geoffrey Kondogbia from Monaco. He will certainly add quality to the midfield of a team that already has Hernanes, Mateo Kovacic, Freddy Guarin and Gary Medel. They have strengthened their defense by signing Joao Miranda, Davide Santon, Jeison Murillo and Martin Montoya.
Among them Miranda is an experienced campaigner having represented Atletico Madrid in their glorious 2013-14 season. Their attacking front has also been boosted by the arrivals of Xherdan Shaqiri and Stevan Jovetic.
Milan have a new manager in Sinisa Mihajlovic. Although the club missed out on Jackson Martinez, they reacted swiftly to sign two strikers- Carlos Bacca from Sevilla and Luiz Adriano from Shaktar Donetsk.
They managed to capture midfielder Andrea Bertolacci from Roma. One of their significant offloading was that of injury prone Stephan el Shaarawy to AS Monaco on a loan deal.
Over and above, Roberto Mancini, the Inter manager, has been fairly impressive with his signings thus far. He has a balanced squad of players at his disposal right now.
AC Milan need to make more signings, particularly in their midfield and defence. With the transfer window still open more signings are expected from them.
It looks as if the ambition shown by the Milan clubs are clearly a sign of intent that they would like to return to the top. The management has been taking the right decisions and it won't be a surprise to see either one or both the clubs return to European action the next season.
WILL INTER AND AC HAVE IMPROVED SEASON? HAVE YOUR SAY BELOW?