QPR have agreed to let Taarabt, who is currently on loan at Premier League side Fulham, talk to Milan, with the player expected to complete the move on Thursday morning.
"I know him well," Briatore told Gazzetta dello Sport. "He was the one who led my QPR towards the Premier League. He's phenomenal. Milan have made a great signing, but he's a talented player who needs looking after.
"He's a lad who needs protection, he needs affection. I was the one who bought him from Tottenham Hotspur. I'm sure he'll find his feet in Italian football. He has no preference between his left or his right foot and he's strong from set pieces."
Taarabt did not score for Fulham during his spell at the club in the first half of this season.