Silvio Berlusconi said he will not sell Milan to someone "looking for immediate popularity" as Thai investor Bee Taechaubol looks to purchase a majority stake in the club.
Bee appeared set to complete his takeover of Milan a few weeks ago but a deal has seemingly stalled, with talks ongoing.
And Berlusconi said on Saturday that he is unwilling to sell the club unless his demands are met.
"Selling this club for me means selling a piece of my heart, my infancy, when my father took me to the stadium," the former Italian prime minister told Telenord, a regional broadcaster in Liguria.
"I am looking for someone who will put capital into Milan straight away. I am prudent, because I won't sell to someone who is looking for immediate popularity because Milan is in fact a widespread brand in the world.
"I'm careful to discover the true intentions of those who offers to take over from me as shareholders of Milan. I'm ready to make a sacrifice and to detach myself from Milan, but only after checking the real intentions of those who want to buy the club.
"If these negotiations don't go the way we hope, I will go forward with another project to create an all-Italian Milan.
"I want to make the club a sort of Nazionale in a league where others have really exceeded with foreign imports.
"Just think that last year's Coppa Italia Final had just one Italian starting and our Azzurri Coach had to call up Oriundi [a word applied to immigrants who are of Italian descent but were born outside the country] to make a competitive side."
Milan are 10th in Serie A with three matches remaining, after stunning second-placed Roma 2-1 on Saturday.
