AC Milan changed hands last year.
Milan's chief prosecutor Francesco Greco has denied a report that the deal that saw Silvio Berlusconi's investment company sell AC Milan to a Chinese consortium is under investigation.
Italian newspaper La Stampa reported that financial investigators had identified possible suspicious activity in the €740 million deal.
On Saturday, the newspaper said prosecutors suspecting money-laundering had opened a secret investigation into the April 2017 sale.
But Greco said: "There is no investigation for suspected money-laundering, not even as a fact-finding dossier. The news about Berlusconi being investigated is absolutely false."
Speaking in a TV interview on Sunday, Berlusconi said: "All I want to note, and this has always been the case, is that whenever there is an electoral campaign where I am running as candidate and likely to win, there is a flurry of denigratory campaigns towards me.
"This invented news about the sale of AC Milan, which has been denied by the chief prosecutor of Milan, is absolutely untrue and particularly unbelievable.
"I don't, but even if I had offshore money to bring back, I would never transfer it back during a sale the spotlights of the entire world are focusing on. That would be plain stupid."
La Stampa reported that, in July, Berlusconi's lawyer Niccolo Ghedini had delivered documents to the prosecutor highlighting the "legitimate provenance of the money" as certified by two international banks.
In line with anti-money laundering laws the Bank of Italy had conducted its own investigation, La Stampa said.
It reported that the findings were sent to Milan deputy prosecutor Fabio de Pasquale before Christmas.
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Source: espn.co.uk