The Swedish striker, who worked under the Catalan while at Barcelona, is ill at ease with the idea of the 41-year-old joining the team, and could leave if a move materialises
The Catalan boss and the Sweden international had a much-publicised falling-out when the pair worked together at Barcelona.
Guardiola announced that he will leave the Spanish champions at the end of the season, but according to La Gazetta dello Sport, Berlusconi will try to lure the trainer to San Siro.
Ibrahimovic is believed to be ready to boycott such a move, and has reportedly issued a 'him or me' ultimatum to the AC Milan president.
Nevertheless, Berlusconi is keen to repair the relationship between the pair for the good of the club as he is unwilling to choose between Ibrahimovic and Guardiola.
The Milan president has long been an admirer of the Blaugrana coach and it is believed he would be willing to replace current trainer Massimiliano Allegri with the 41-year-old in the near future.