Both midfielders, Traorè arrives from French club Nancy and Montolivo has joined Milan after his contract at Fiorentina expired.
The Malian, 27, has signed a deal until June 2015, while Italian international Montolivo has committed his future to Milan until 2016.
Traorè revealed earlier this month that he was heading to the San Siro, while Montolivo underwent his medical in Milan on Wednesday.
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