Italian media claimed on Thursday that the billionaire investor had offered €500 million for a majority stake of the San Siro outfit.
As well as Lim, reports claim that Chinese beverage magnate Zong Qinghou is also eyeing a potential takeover.
However, Finvinest - controlled by Milan chairman Silvio Berlusconi - have issued a denial and insisted there will be no control in ownership, having previously also moved to quell the rumours in March.
A statement read: "With regard to rumours reported by the press, Fininvest again denies any possibility of transfer of control of Milan."
Milan have had a tumultuous season on and off the pitch this season.
Rumours of a dispute between joint vice-chairs Adriano Galliani and Barbara Berlusconi have been prominent throughout the campaign, while on the field Milan are a huge 39 points off leaders Juventus and currently sit seventh.
There has been an upturn in fortunes in the past month, however, as Clarence Seedorf's men have racked up five consecutive Serie A victories, giving them a chance of sealing a spot in the UEFA Europa League.
