Italian media widely reported that the seven-times European champions had sold the vehicle for 150,000 euros (114,795) and hoped to save 200,000 euros per year in costs.
One Twitter user posted a photo-shopped picture of the Milan players standing by the side of a motorway behind chief executive Adriano Galliani, who was holding a sign which read "Rome".
Another posted a picture of a tram with the caption "exclusive pictures of AC Milan arriving at San Siro."
Serie A has fallen behind the Europe's other top leagues in financial terms and, like Italian clubs, AC Milan, who have not officially commented on the bus, have been forced to cut costs over the last few season.
They finished eighth in Serie A in 2013/14, missing out on European football, and are currently eighth at the halfway point in this season's championships.
(Writing by Brian Homewood in Berne; Editing by Amlan Chakraborty)
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