The Netherlands legend feels that his former team will be competitive again if supporters are patient, and remains proud of winning two Champions League titles with the Rossoneri
The Rossoneri lost key players such as Thiago Silva, Clarence Seedorf and Zlatan Ibrahimovic this summer, and Gullit, who wore the Milan jersey from 1987 until 1993 and in 1994-95, feels it's hard to predict how they will cope with the changes to their squad.
"It's very hard to tell how far Milan can go in the Champions League. I think it is difficult to make a prediction on that because it is such a young team," Gullit stated to the official Uefa website.
"They have already lost their first league match at home, so they need time. Just give them time."
The former Netherlands international was then asked whether his AC Milan would be able to beat the Barcelona of Lionel Messi, but stressed that it's hard to compare teams from different eras.
"I don't know, it's a very different era. Sometimes if I compare today's game, the tempo is so much faster nowadays, there's more interest in it.
"I don't think you can compare that. I would like to, but there's no comparison. We had a great time, we enjoyed it.
"We still have the record of two consecutive wins in the Champions League so I am very happy with that."
Gullit has been out of work ever since leaving Terek Grozny in June 2011.