Savicevic believes Chelsea loanee Joao Felix and former Feyenoord striker Santiago Gimenez can lift standards at Milan.
He told La Gazzetta dello Sport: "The fans must start dreaming again. The Rossoneri are a great team, they have a crest with seven Champions Leagues on their arm.
"I am very proud to have been part of one of the best teams in the world. And the new signings will be too."
Asked if Felix and Gimenez can complement eachother, Savicevic continued: "I definitely think so. In any case, there is a coach, Sergio (Conceicao) seems to me to be the right man, especially for Joao Felix, who is a great talent and needs to be recovered. I have seen him in action, how he moves, how he dribbles and participates in the game, the player is there.
"At Milan you can't be sad or sulk. Conceicao will help him fit in. They are Portuguese, they speak the same language and they certainly think the same football."
On Gimenez, he added: "I don't know him very well. I've seen that he scores a lot of goals, that he scores consistently. Then there's Ibra's word, if he says he's strong, it means he's strong."