AC Milan and Chelsea have reached agreement on a fee for Andriy Shevchenko, ending the striker's disappointing tenure in England's Premier League, the two clubs said.

Shevchenko's return to Milan is subject to his passing a physical, Chelsea said in a two-sentence statement on its Web site, without disclosing terms of the agreement.

"After a series of frenetic phone calls during the entire day, we have reached an agreement with Chelsea," Milan managing director Adriano Galliani said on the club's Web site. "We managed to bring back the player who in 50 years has scored the most goals with our shirt."

Galliani said Shevchenko will take his physical on Aug. 25 and should begin training the next day. Milan opens its season Aug. 31 at home against Bologna.

The 31-year-old Shevchenko joined Chelsea from Milan in 2006 for a club record 30 million-pound fee ($55.6 million) but never exhibited the form that made him one of the world's top strikers. The Ukrainian scored just 9 goals in 47 league games with the west London club.

Shevchenko scored 173 goals in 296 games with Milan from 1999-2006.