The 30-year-old striker has been linked with a return to San Siro, following his £30m switch from AC Milan last summer.
Berlusconi told the club’s television station: “We don’t feel able to make any offer which can please Chelsea.
“There are insurmountable obstacles tied to the player’s value.”
Berlusconi added: “I’m very tied to Sheva and I have always expressed my approval for his possible return.”
