There is also talk the new chief will look to keep Aberdeen at Pittodrie and scrap plans to build a new stadium out in Kingsford.
Milne has reportedly decided to step aside after 21 years in order to focus on other business projects.
Cormack has already invested heavily in the north east club and secured the investment which saw the construction of a new training ground - named Cormack Park.
There is expected to be a shake up on the board after Cormack takes charge.