The Netherlands international, who joined the Serie A giants from Bayern Munich in January 2011 on an original six-month deal, will sign a one-year contract with the Eindhoven side.
Confirming the news at a press conference on Saturday, the 35-year-old stated: "I will go back to Holland and I will play for PSV."
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Van Bommel has enjoyed a successful period in Milan, claiming the Serie A title last season and it is believed the club offered him a new deal for the 2012-13 campaign worth €2 million (£1.6m).
However, the defensive midfielder has opted to rejoin the side he made his name at, previously representing PSV between 1999 and 2005.
In a successful career now spanning 20 years, Van Bommel has also represented Fortuna Sittard and Barcelona.
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