With the Rossoneri effectively out of the title race - city rivals and Serie A leaders Inter are 18 points clear of them - rumours have been circulating that World Cup-winning former Italy boss Marcello Lippi may be poised to replace Ancelotti.

But Berlusconi insists he will stand by his man, even if they are unsuccessful in their last-16 second leg clash at the San Siro.

He said: "Tuesday's game is crucial for our season.

"But even if Milan are eliminated from the Champions League, I would not bring Marcello Lippi to the Rossoneri bench, despite my fondness for Lippi, whom I consider a great coach.

"Ancelotti will stay, I am convinced also because there is a close relationship with him considering the results he has achieved with Milan."

The European champions go into their midweek encounter with all to play for having held Arsenal to a goalless draw in the opening leg in London.

Meanwhile, Berlusconi hopes Andriy Shevchenko will eventually rejoin his club.

Shevchenko joined Chelsea in the summer of 2006 after seven successful seasons with the Rossoneri.

Reports in Italy have linked the Ukraine international with a return to the San Siro this summer as a possible replacement for injured Ronaldo.

And Berlusconi said on Monday: "It has always been a dream of mine that he could finish his career at Milan.

"I love him like a son. If he wanted to return and if the rules allowed us to, considering with Pato's arrival we have full the number of our (non-EU) players, Milan would welcome him back with open arms."