This has now been confirmed by just about everybody outside of actual official club sources. Wonderfully, it makes sense of both bits of information we've learned so far today, that Chelsea refused to pay a severance package and that Torres is expected in Milano on Saturday for a medical.
Even Di Marzio is in disbelief:
The club AC Milan reached an agreement with Chelsea, also understood with the player. We are organizing the visits, the Spanish striker is expected in Milan between tonight and tomorrow morning. Milan-Torres, here we are. El Niño makes the bags, to Milan. really.
-source: Gianluca Di Marzio via Google Translate
Really, really! It's really happening.
There's so much more to say, so much, so much. But words are failing me. A combination of joy and utter fear that this is all just one big giant hoax grips me. IT'S HAPPENING!