"I'm not satisfied with Milan, just like all the supporters," the former Italian prime minister told the Sport Mediaset television channel with his once all-conquering side lying eighth in Serie A.
"The difference is that I'm the one who pays the wages, so I suffer a bit more than them.
"I'm not satisfied with the way Milan are playing. No, not at all. Therefore we have to reflect on this fact.
"We will decide at the end of the season after the final match," he said, referring to Dutchman Seedorf. "I will meet with the board and a decision will be taken."
Former Milan midfielder Seedorf was given a contract until the end of the 2015/16 season when he took over in January and has overseen a considerable improvement in results since then.
Milan won only five out of 19 league games this season under predecessor Massimiliano Allegri while Seedorf has led them to 10 wins in 18 matches.
From being 10 points off the Europa League places in January, Milan are now one point adrift with one match to play at home to Sassuolo on Sunday.
Italian media speculation over Seedorf's future has been growing, fuelled by the failure of the club's directors to give him any public backing as they did freqeuntly with Allegri.
Sunday's last-gasp 2-1 defeat at Atalanta has added to the pressure on Seedorf, who had no previous coaching experience when he took charge.
"I certainly didn't expect us to lose," said Berlusconi, who has been slammed by fans for the lack of recent investment. "Things went badly.
"But I remember all the years in which we've had extraordinary success, that we are the club which has won the most titles in the world and above all we are working for the Milan of the future.
"When we put this season behind us, we will look ahead and go back to being the extraordinary protagonists that we have been for many years in the past."
(Reporting by Brian Homewood, editing by Mark Meadows)
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