AC Milan director Barbara Berlusconi, announcing the new deal at a news conference alongside Emirates president Tim Clark, did not reveal the value of the new deal, but it was widely reported by Italian media to be worth 100 million euros (79.44 million pounds).
"We're a solid club and an important international brand," said Berlusconi, the daughter of club president and former Italy Prime Minister Silvio Berlusconi.
"This agreement will certainly give us a helping hand in the transfer market. Our target is to get back to the Champions League quickly."
Two years ago, seven-times European champions Milan concluded that, like the rest of Italian football, they could no longer compete with the financial muscle of clubs from England, Spain, France and Germany.
Deciding it was time to balance the books, they sold talismanic striker Zlatan Ibrahimovic and key defender Thiago Silva to Paris St Germain and other long-time servants also left including Alessandro Nesta and midfielder Gennaro Gattuso.
Since then, they have made a half-hearted attempt to rebuild with young players, yet were more active in signing older players past their best such as Kaka, Michael Essien and Fernando Torres.
Last season, they finished a modest eighth in Serie A.
Berlusconi said she hoped the partnership with Emirates could ultimately deliver a new stadium for Milan, who currently share the fading San Siro with neighbours Inter.
"I think that for a club like Milan stadium ownership is essential," she said. "We are tied to San Siro, but football is evolving. Our wish is to announce soon a step like this.
"But in Italy it is difficult, it will take a long work. We are analysing different areas."
(Writing by Brian Homewood in Berne; editing by Justin Palmer)
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