Aleksic moves to Cracovia on a season-long loan.
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Sunderland sporting director Kristjaan Speakman said: "At 20 years of age, Milan is a player who possesses the potential to progress to the next level, but to do this, he needs regular games in an appropriate environment.
"Cracovia have made a positive start to the season domestically, and this move will provide Milan with the platform he needs at this moment in time."
Aleksic joined Sunderland last year from Serbia's FK Radnicki 1923.
