In the following season, Panucci established himself as the club's first-choice right-back, starting 28 of 34 matches in Serie A, and fully broke into the senior national team. Milan started the season strongly, winning both the Supercoppa Italiana and the UEFA Super Cup, but finished fourth in the league, behind champions Juventus, while they lost out to Vélez Sársfield in the 1994 Intercontinental Cup final, and to Ajax in the Champions League final that season. Panucci had one of his best offensive seasons in 1995–96, scoring five goals, while helping to form the league's tightest defence, and one of the greatest of all time, alongside internationals Baresi, Maldini, and Costacurta, as Milan regained the Italian championship. The sweeping changes across Europe as a result of the Bosman ruling, however, opened up new opportunities. After winning 6 titles with A.C. Milan, midway through the 1996–97 season, Panucci left the club for Real Madrid, joining former A.C. Milan coach Fabio Capello at the Spanish giants.