Milan, June 3 - Owner Silvio Berlusconi ended months of speculation about Massimiliano Allegri's future at AC Milan early on Monday when he said the coach will stay at the helm of the seven-time European champions. "We had a very honest and frank talk in which we analysed and discussed this past season and we cleared a few things up," Berlusconi said in a statement after long talks with Milan's coach and CEO Adriano Galliani during dinner on Sunday evening. "We came to an agreement concerning what the coach is due and what he is expected to give to the club. "We also spoke about the kind of football that Milan must play and about the squad for next season. "We established guidelines about what we need to do on the transfer market too. "The relationship with the coach, which has never been interrupted, continues with the utmost respect and faith". Although Allegri had another year to run on his contract, there was intense speculation when the Serie A season ended last month that he would leave the club because he did not enjoy the full confidence of Berlusconi. Allegri led Milan to the Serie A title in his first campaign at the club, the 2010-11 season, but the team ended the next two season's trophyless. Milan needed two late goals to beat already-relegated Siena 2-1 on the last day of the Serie A season in May to seal third place and qualification for next season's Champions League preliminaries. Last term, however, Allegri was working with a revolutionised squad following the departures in the close season of Sweden striker Zlatan Ibrahimovic Brazil defender Thiago Silva and several prized veterans, such as midfielders Clarence Seedorf and Gennaro Gattuso. The situation was not just of interest to Milan, as AS Roma were reportedly set to hire Allegri if he had left Milan.