Chocolate firm owner Michelle Ferrero has been linked to the team by various sports publications, but the reports are unconfirmed.
According to Forbes, Mr Ferrero is Italy’s richest man and the 23rd richest worldwide with a personal wealth of $19 billion.
His chocolate company posted €7.3bn in sales in 2011, up 9.1% and €856m in profit.
Mr. Ferrero’s wealth outstrips current AC Milan owner and former Italian Prime Minister Silvio Berlusconi, who is number 169 on Forbes’ rich list with a net worth of $5.9 billion.
Another food company, United Biscuits, has a sponsorship deal with Italian football giants AC Milan to promote its McVities Digestives biscuit brand.