Asset management firm Lazard Ltd has sent documents to potential buyers, Bloomberg said citing three people with knowledge of the confidential deal.
AC Milan is worth $945 million (€688 million), making it the most valuable club in Italy and sixth in the world, according to business magazine Forbes.
It was bought in 1986 by Silvio Berlusconi, then a rising business tycoon who went on to serve three terms as Italian prime minister.
Responding to the report, Berlusconi’s holding company Fininvest said it was “totally devoid of foundation”.
When contacted by The Local, AC Milan and Lazard Ltd were not immediately available to comment on the potential sale.
Currently tenth place in Italy’s top Serie A league, AC Milan took the number ten spot in financial services firm Deloitte’s recent ranking of the world’s football clubs.
The club’s overall revenues increased by three percent in 2012/2013, although the club dropped two places in the ranking of financial performance.
"Consistent qualification for Europe’s top tier club competition, addressing the stadium issues [of deteriorating facilities], as well as further commercial revenue growth, is required” in order for AC Milan to stay in financial health, Deloitte said.