Earlier on Monday local media had said Bee Taechaubol, executive director of southeast Asian private equity group Thai Prime Company Limited, had offered 1 billion euros ($1.14 billion) for a controlling stake in AC Milan.
Taechaubol is also a co-owner of the Global Legends Series (GLS) Bangkok series of charity matches that feature famous veteran football players.
The Bangkok Post said that Bee wanted at least a 50 percent stake in the seven-times European champions but not complete ownership.
Bee was confident of completing a deal within a month, the report added. The businessman could not immediately be reached for comment by Reuters.
But Fininvest, the Berlusconi holding company that owns AC Milan, said in a statement there were no talks about selling the club, which Berlusconi has owned since the 1980s.
"Fininvest reiterates it is not interested in selling a majority stake in AC Milan," it said.
"Various parties have shown interest in a partnership involving Milan but, having said that, Fininvest categorically denies the existence of talks of any substance and of any pre- agreement or decisive meetings on the agenda," it added.
One of Italian football's most prestigious clubs, Milan has struggled since last winning the country's Serie A premier league title in 2011.
The club, which employed four different head coaches last year, are 11th in the 20-team standings following a 1-1 draw with Empoli on Sunday. They trail leaders Juventus by 24 points with 15 games to go.
Despite the on-field issues, the club was ranked the 10th richest in world football by Deloitte last month with revenue of $250 million for the 2013-14 season.
If a deal is concluded Milan would follow its local rival in being bought by south east Asian investors after Indonesian Erick Thohir headed a group which acquired a 70 percent stake in Inter Milan in 2013.
(Reporting by Manunphattr Dhanananphorn and Danilo Masoni; Writing by Patrick Johnston in Singapore; Editing by Tony Jimenez and Greg Mahlich)
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