Bloomberg reported this week that Berlusconi had hired a company to seek potential buyers for the Serie A club.
Fininvest, who own the Italian football club, issued a statement on AC Milan's official website which read: "Despite the numerous denials, rumours return to circulate regarding a possible sale of Milan.
"Fininvest confirms once again that it (rumour) is just a hypothesis without any foundation."
Back in 2009, Fininvest brushed aside reports that Berlusconi was considering selling the Italian giants to Libyan sovereign funds.
Berlusconi acquired Milan back in 1986 with the club on the brink of bankruptcy.
Under his control, Milan have won eight Serie A titles, one Coppa Italia, five Supercoppa Italiana, five Champions League trophies, five Super Cups, two Intercontinental Cups and one FIFA club World Cup.
Milan are valued by Forbes magazine at 745million euros.
The 77-year-old Berlusconi appointed back in December his daughter Barbara as joint vice-president with Adriano Galliani.
Milan are 10th in Serie A, 34 points behind runaway league leaders Juventus.