The Rossoneri are one of the traditional superpowers of world football, having won the European Cup on seven occasions, but have fallen on hard times since claiming their last Serie A title in 2011.
Berlusconi has previously confessed that he can no longer pump the same kind of money into the club that saw the best players in the game regularly arrive at San Siro from the late 1980s to the mid-noughties.
The former Italian Prime Minister had looked set to sell the Rossoneri to Thai businessman Bee Taechaubol earlier this month but that deal has now stalled, with Berlusconi revealing that he is not seeking a successor but a partner.
"I don't want to sell my Milan," the 78-year-old media tycoon told Rai Tre.
"Indeed, I'm looking for someone that wants to fund it with me in order to make the club a leader in world football again.
"Football has changed since the arrival of petro-dollars. Just think that Qatar puts nearly €250 million into the PSG coffers every year.
"One family alone can no longer manage to contribute in this way."
Milan have endured a turbulent campaign under rookie coach Filippo Inzaghi, with the club currently 10th in the Serie A standings with just one round of the season to go.
Speculation is now rife that Berlusconi will attempt to rehire Carlo Ancelotti, who is set to part company with current employers Real Madrid this week.
Ancelotti won two Champions Leagues and one Serie A title during his previous spell as coach at the Giuseppe Meazza between 2001 and 2009.
