By ESPNSTAR.com staff
Milan recorded a 1-0 win over defending Serie A champions Juventus on Sunday but are still way off the top in ninth place after a slow start to the season.
Rumours linking Guardiola were fuelled by the poor run of form which saw Allegri's future at the club being questioned but Berlusconi insists that he still trusts the current manager.
"There have been rumours and stories that do not correspond to the truth," he was quoted as saying by www.gazzetta.it.
"Guardiola created a team that produced the best football in recent times.
"I think everyone would like Pep, but we have a great relationship with Allegri and continue with him."