But Milan, owned by Italian Prime Minister Silvio Berlusconi, have vehemently denied the reports insisting no negotiations have taken place.
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"In relation to what has been published this morning by the Corrieie della Sella with regards to an eventual shares sale of the club, Fininvest and AC Milan announce that the news has no truth," a Milan statement said. "This is a journalistic hypothesis without any basis."
Manchester City and Milan made headlines last month when the Eastlands side mounted a potential world-record bid to sign the Serie A side's playmaker Kaka for around 100 million euros.
At the time the sale was considered but talks broke down when Kaka decided he wanted to stay in Italy.
More recently the Italian club has featured in the British media on an almost daily basis amid the suggestion that David Beckham will make his loan move with the club permanent.
With talks between Milan and LA Galaxy currently on going, Beckham has said he remains hopeful an agreement can be reached.
"I have not heard from Galaxy, but from what has been said, I gather there could be good news," he said. "I want to stay at Milan.
"I really don't know what will happen, but I do know that next week will be very important."