Ibrahimovic, 34, is expected to leave the Ligue 1 champions when his contract expires at the end of the season.
The Sweden captain has been linked with moves to the Premier League and MLS, but Braida – now head of Barcelona's sporting commission – feels a return to Milan may be possible.
Ibrahimovic spent two seasons at AC Milan and scored over 50 goals in all competitions before departing for PSG, while he has also spent time at Inter.
"Ibrahimovic very much loves the city of Milan," he told Mediaset Premium.
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"In my opinion, he could also decide to return to wear the Rossoneri shirt."
As for Barcelona's transfer activity, the La Liga giants have been heavily linked with a move for Juventus star Paul Pogba.
Braida said the 23-year-old France international was capable of bigger things, if he wanted to leave Juve.
"He's a very strong player who definitely will go to a great team, even if he is already at a top club," he said.
"If you were to leave Juventus, he could come to us, to [Manchester] City or PSG."