Italian soccer giant AC Milan is weighing a sale, Bloomberg has reported, citing three sources with knowledge of the matter.
Financial advisory firm Lazard Limited has sent documents to potential buyers regarding the sale of the team, which is currently owned by disgraced former Italian Prime Minister Silvio Berlusconi.
A spokesman for Berlusconi's Fininvest, which controls AC Milan, said the team was not for sale, according to Bloomberg.
However, a source told Class CNBC that Lazard planned to approach Fininvest with a bid to sell AC Milan.
AC Milan has won the top Italian soccer league 18 times, but currently sits in tenth place.
(Read more: The world's richest soccer clubs)
The club has had a difficult season and is currently 34 points behind table-topping Juventus. While AC Milan has brought in star players like Mario Balotelli and Brazil's Robinho, it sacked its coach Massimilano Allegri in January.
The club is now in danger of missing out on a place in the prestigious and financially lucrative UEFA Champions League tournament next year.
Despite the uncertainty, AC Milan is still the tenth richest soccer club in the world, according to the Deloitte Football Money League.
The club's revenue for the 2012/13 season stood at $356 million, a slight increase from the previous year's $348 million. However, match-day revenue fell by 22 percent to 7.4 million euros and commercial revenue fell by 1 percent.
Lazard has past form in striking large-scale soccer deals. Last year, Massimo Moratti, then president of Inter Milan – another Italian soccer giant -- used Lazard to sell 70 percent of his shares in the club to Indonesian businessman Eirck Thohir.
—By CNBC's Kiran Moodley. Follow him on Twitter @kirancmoodley