Milan are currently languishing at eighth place and head into the final weekend of the Serie A season looking to grab a place in the Europa League.
"It wasn't a mistake to sign him in January. We thought that he had all the requisites to be a good manager," former Italian prime minister Berlusconi told Radio24 on Friday.
"At the end of the season we will have a board meeting and we will make a decision together.
"It's not excluded that Seedorf continues as coach, if we can find an agreement on what type of relationship he should have with the club."
Seedorf replaced Massimiliano Allegri as the manager after ending his playing career at Botafogo in Brazil.
Local media reports have claimed he is almost certain to leave in the summer, despite recent good form that has seen them win six of their last eight games and stay in contention for a Europa League spot going into the final day of the season.
Milan host already-safe Sassuolo on Sunday (1945 BST) and are currently on 54 points, a point behind Parma and two behind sixth-placed Torino, who occupy the last Europa League place and play at Fiorentina.
Milan need to beat Sassuolo and hope that Parma do not win at relegated Livorno at home and Torino lose at Fiorentina, as the latter drew both their matches with Milan this season and have a superior goal difference.
Should Torino draw, Milan will need to beat Sassuolo by four goals or more to overtake Giampiero Ventura's surprise package and seal a European spot.
They also need Hellas Verona, who are ninth but level on points with Milan do not win at Napoli. Should Parma not win and Torino, Milan and Verona all finish on 57 points, Torino would take sixth spot due to their better mini-league record against the other two.
However, even qualifying for Europe might not be enough to save Seedorf, as Milan Chief Executive Adriano Galliani was caught on camera during last weekend's 2-1 defeat at Atalanta describing the Dutchman as "mad" for not playing Adel Taarabt instead of the off-form Keisuke Honda.
While carrying out his community service in an old peoples' home, Berlusconi recently said that he had met "lots of people who could keep the Milan dressing room under control".
If the 38-year-old Seedorf is sacked, former AS Roma and Zenit St Petersburg coach Luciano Spalletti is reportedly the front-runner to replace him.
According to reports, Milan are also considering Fiorentina manager Vincenzo Montella, Parma coach Roberto Donadoni and Filippo Inzaghi, currently managing the club's youth team, as possible replacement.
(Editing by Sudipto Ganguly)
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