Alibaba founder Jack Ma has laughed off reports that he is planning to acquire the Italian football club, AC Milan.

The 51-year-old billionaire took to social media to deny reports that he is purchasing the Serie A club from Silvio Berlusconi, the former Italian prime minister.

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"Is AC Milan in Italy's Milan?" one of China's richest man posted on his official China's Twitter-like Weibo account. "I heard Tyson of the Lakers went to Milan. I'm not sure whether it's AC Milan," he continued. "If so, Yao Ming of the China Super League will suffer!"

With Ma's $29 billion worth of personal fortune, he can undeniably finance a deal to purchase the club. Ma is already a part owner of Guangzhou Evergrande Taobao, a Super League Club in China.

Recently, e-commerce giant Alibaba group has been on a shopping spree. It purchased Hong Kong media outlet South China Morning Post and also acquired a controlling stake for online retailer website Lazada.

Reports that Ma is leading a takeover of AC Milan was published on Wednesday by Italian news agency La Repubblica. AC Milan, as well as Inter Milan have, on the other hand, revealed that they have received expressions of interests from Chinese firms looking to buy stakes or offer strategic partnership, according to China Daily.

An Alibaba representative also brushed off the rumors, telling South China Morning Post that "Neither Alibaba or Jack personally is involved in any discussion to acquire AC Milan."

According to Bloomberg, a Chinese firm from the renewable energy and media industries is set to acquire AC Milan, with plans to finalize an agreement this June. 

TagsAlibaba, AC Milan, Football, Silvio Berlusconi, Jack Ma, South China Morning Post, lazada, La Repubblica