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.
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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.