Juventus announced this week that Del Piero would leave the club at the end of this season, although he might not necessarily retire from football.
"We nearly signed Del Piero in 1993 and failing to do that remains one of the great regrets of my career," confessed Vice-President Galliani to Sky Sport Italia.
"The fact remains that before he went to Juve, Milan were interested in the player.
"Is it never too late? I have learned to define players as talented or mediocre, not young or old. I always prefer a talent to a youngster.