Berlusconi is keen to re-sign the Ukrainian, just 14 months after selling him to Chelsea for £30million.
But he does not believe the Rossoneri have the financial clout to prise him away from Stamford Bridge.
He told AC Milan's official television station: "I'm very tied to Sheva and I have always expressed my approval for his possible return.
"However, right now we don't feel able to make any offer which can please Chelsea.
"There are insurmountable obstacles tied to the player's value."
Berlusconi also reiterated that Brazil playmaker Kaka would not be leaving Milan despite being linked with Real Madrid.
"Kaka is really a stupid story," he added. "The player has never wanted to leave.
"What has been reported by the newspapers is not reality, it was all created to sell more newspapers.
"Kaka is a symbolic player for Milan and we hope that he can finish his career here."
One player who might be linking up with Milan in the near future is Kaka's compatriot Alexandre Pato, who plays for Internacional.
Berlusconi said: "He's a player we are following and we consider him of great value.
"Even though he is only 17 years old, we believe that we can invest in the player, like we did for example for (Yoann) Gourcuff who in France is considered the only real heir to Zidane."