Spanish sports newspaper AS claimed on Monday that Lim had made a 300million euros offer to acquire a 51 percent stake in Milan.
Lim, a keen sports fan, recently made a bid to take ownership of Primera Division side Valencia.
"Those reports are without any foundation," Berlusconi told Gazzetta dello Sport. "The figures that have appeared today (Monday) in the press are not in line with the value of the club.
"Three hundred million euros only represents around 30 percent of Milan, not 51 percent."
Only last month Milan rubbished reports in the Italian press that they were looking to sell the club.
Silvio Berlusconi acquired Milan back in 1986 and under his ownership the club have won numerous titles including, eight Serie A titles, five Champions League trophies, one Coppa Italia, two Intercontinental Cups and one FIFA club World Cup.
The Rossoneri have endured a dismal campaign and are currently in mid-table, set to miss out on European football next season.