However, Berlusconi has his heart set on Shevchenko.
"I like Eto'o, he is young, but I am a romantic and I prefer Shevchenko," said Berlusconi in Gazzetta dello Sport.
Rossoneri vice-president Adriano Galliani admitted earlier this month that Shevchenko's return would only happen if Chelsea gave the all-clear to sell the player.
The Blues paid £30million to Milan last summer for the 30-year-old, but Berlusconi believes the deal is still possible.
"The last time I spoke to Galliani, which was a couple of days ago, the probability of Shevchenko returning to Milan was 80%," he said.
"Had that percentage gone down, I'm sure Galliani would have told me."
Despite winning the Champions League trophy last month, the Rossoneri have struggled without the Ukrainian.
Shevchenko broke the hearts of many Rossoneri fans a year ago when he announced his intention to join Chelsea after seven successful years at Milan.
Although Milan went on to win the Champions League title last season, Carlo Ancelotti's outfit struggled in the domestic competition without the club's second all-time goalscorer.
"Sheva has a great desire to return," admitted Berlusconi.
"There are no obstacles linked to his salary because he would be winning a similar fee as that of our top players.
"We will have to negotiate his transfer with Chelsea, each club looks at their own interests.
"I really believe Shevchenko would be an ideal player to complete our attacking line.
"I consider Sheva as my son. I have experienced important moments with his family, such as his father's heart operation and the birth of his son, who I'm a godfather to.
"Andriy is still young, he's got so many years of his career ahead of him."