Rami has not played for the La Liga outfit since criticising his teammates and head coach Miroslav Djukic in a radio interview two weeks ago.
It was reported on Tuesday that talks between Valencia and Milan have occurred, which have now been confirmed by the Spanish club's president.
"There is still nothing closed either with the player or with Valencia. Logically we are moving closer in positions, but we know that in the world of football, anything can happen," Salvo told reporters at a press conference.
"Is this a good solution? It depends on how you look at it. The best option is for Valencia to keep hold of all its good players and for none of this to have happened. Within the situation, we think that this is a good operation.
"I think that all being well it will be [completed] soon, but I cannot specify as to when. Timing is unpredictable because it does not depend on us but on many factors, the player, the other club, and if terms are accepted by both the player and the club."
Despite his off-the-field problems, Rami is still regarded as one of the best centre-backs in Europe.