After Sunday's 4-2 loss to second-placed Juventus, the Rossoneri are currently fourth in the Serie A table, nine points behind leaders Inter.
"Has the Scudetto slipped from our grasp? Well, nine points is a lot," the Italian prime minister told AC Milan TV.
"In any case, we will try to reduce the gap because that is essential for us, so we can return to fighting it out in Europe in the Champions League."
Milan missed out on a place in this year's UEFA Champions League after finishing last season in fifth place, and Berlusconi is keen the same situation doesn’t happen again.
"The Champions League place is our objective and I think we are able to achieve that."
It is worth mentioning that Carlo Ancelotti's men haven’t won the league title since 2004.