AC Milan have sacked head coach Massimiliano Allegri after failing to qualify for the Champions League, in a season the club's hierarchy described as an "unequivocal failure".

Milan fell from third to fifth in Serie A after a 2-1 defeat by Cagliari on the final day to miss out on Champions League football for the second year in a row.

Inter Milan, Napoli, Roma and Como - for the first time in their history - will represent Italy in Europe's top-tier club competition next season while AC Milan join Juventus in the Europa League. 

"For the majority of this season, we were in the top two positions in Serie A, with a credible shot at competing for the Scudetto," read a statement from American investment group RedBird Capital, which bought AC Milan in 2022.

"The final stretch was completely inconsistent with the performance up to that point, with last night's disappointing loss in the final game turning the season into an unequivocal failure.

"It is now time for change and a comprehensive reorganisation of football operations."

Chief executive Giorgio Furlani, sporting director Igli Tare and technical director Geoffrey Moncada have also left the club, the owners announced.

Allegri, 58, returned for a second spell with the Rossoneri in May last year, replacing Sergio Conceicao.

He previously managed the club between 2010 and 2014, winning the league in 2010-11 and the Italian Super Cup the following season.

Milan lost seven of their final 13 games in the campaign just ended as rivals Inter Milan won their second Scudetto in three seasons.