Milan have denied speculation that they have held talks with Abu Dhabi United Group over selling a 40 per cent stake in the Serie A club.
Reports in Corriere della Sera claimed on Tuesday that the Manchester City owners had expressed an interest in buying a stake in Milan, with the report suggesting an offer of €500 million (£441m) could be ion the cards.
However, Milan, owned by Italian prime minister Silvio Berlusconi, have dismissed the report outright, insisting that negotiations have not taken place.
A statement said: “In relation to what has been published this morning iCorriere della Sera about a possible sale of part of the club, (holding company) Fininvest and AC Milan announce that the news is without foundation.”
A Fininvest statement said: “Fininvest Spa, which controls AC Milan, denies in the most categorical manner press speculation concerning possible changes to the football club’s assets. This is a journalistic hypothesis without any basis.”