Milan took to Twitter on Thursday night to confirm the capture of the duo, with Higuain joining on an initial year-long loan and Caldara signing a five-year deal.
The loan for Higuain has cost Milan an initial €18m, whilst they also hold the option to turn it into a permanent arrangement at the end of the season for €36m.
The arrival of Cristiano Ronaldo pushed Higuain down the pecking order in Turin and Milan have successfully fought off competition from Chelsea to bring in a man who scored 40 goals in 76 league appearances during his time with Juve.
It is thought that the deal has been structured to ensure that Milan do not fall foul of Financial Fair Play regulations as they did last season.
Milan are expected to present their new signings to the media tomorrow at 14:00 CET.
Juventus favourite Bonucci, meanwhile, returns to the club on a contract through until 2023 as part of the deal after a season away with Milan.
The Italy international will now have the chance to add to the six Scudetti, three Coppa Italias and three Italian Super Cups he won during his previous seven-year spell at the club.
The deal values both Bonucci and Caldara at €35m, meaning the pair were effective swapped for one another.
Caldara leaves Juventus having failed to make an appearance for the club since signing from Atalanta in January 2017, having spent the last 18 months on loan in Bergamo.
August 2, 2018