AC Milan denied a media report on Tuesday that the Italian club was in discussions about selling a stake to the Abu Dhabi United Group, owners of English Premier League side Manchester City.
Italy's Corriere della Sera newspaper said in an unsourced front page report that the group was interested in buying 40 percent of Milan.
"In relation to what has been published this morning in Corriere della Sera about a possible sale of part of the club, (holding company) Fininvest and AC Milan announce that the news is without foundation," a Milan statement said.
Milan, owned by Italian Prime Minister Silvio Berlusconi, missed out on the lucrative Champions League this season and funding for new signings has been tighter than usual.
Manchester City tried to buy Milan playmaker Kaka last month for a world record fee of around €100 million.
Milan considered selling but talks broke down and the Brazilian decided he wanted to stay in Italy.