The decision followed a meeting between club president Silvio Berlusconi, CEO Adriano Galliani and Brocchi on Monday evening, according to media reports in Italy.
Milan, sixth in the league, have failed to win their last five Serie A matches and lost their last home game against table toppers Juventus.
(Reporting by Silvia Recchimuzzi and Bartosz Dabrowski in Gdynia; editing by Amlan Chakrbaorty)
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