Milan eased the pressure on Allegri with a 1-0 win over Serie A leaders Juventus on Sunday, but they are still only ninth in the table.
Berlusconi admitted "everyone" would like to have former Barcelona boss Guardiola, but insisted he was not on his way to the San Siro.
"There have been rumours and stories that do not correspond to the truth," he was quoted as saying by www.gazzetta.it.
"Guardiola created a team that produced the best football in recent times.
"I think everyone would like Pep, but we have a great relationship with Allegri and continue with him."
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