The former Italian prime minister has been in charge of the Serie A outfit since 1986.
"Foreign money in Milan? Only if I'm forced to do so," he told ANSA. "But I want there to be conditions to such a thing. I'd love to keep Milan a family thing.
"I still remember when my father took me to the stadium and I did not have to pay for a ticket because I was so small. Watching football, seeing my heroes, I began to understand what it meant to the people.
"For me, Milan is in my heart. Over the years we've spent more and more money, perhaps too much. But this has allowed Milan to become the most successful team in the world.
"The club is a part of my family. My daughter Barbara is now part of the company, and I'd like to keep it that way. However, this does not mean that I'd instantly dismiss the idea of foreign investment. If the economic crisis continues, things may have to change."
Milan are currently fifth in Serie A with 41 points from 24 matches.