The former prime minister lamented the poor performance of his Forza Italia party but said he would remain at its helm, and declared himself the “guarantor” of the centre-right coalition.
The alliance has the best chance of forming a government after receiving more votes than any other bloc or party.
And despite the Eurosceptic Five Star Movement (M5S) emerging as the most popular single party in the Italian election, the billionaire businessman insisted his coalition has ”the mandate to govern”.
The two major players of the centre-right alliance are the former PM’s party and the anti-migrant League, led by Matteo Salvini.
The League defied expectations and beat Mr Berlusconi’s Forza to become the biggest party in the coalition.
Before the vote, Berlusconi and Salvini to allow whichever leader won the most votes to nominate a candidate for prime minister.
Mr Salvini has confirmed he intends to attempt to form a government, possibly by securing alliances from left-wing parties, and in an interview with the Italian newspaper Corriere della Sera Mr Berlusconi said he intended to honour the agreement.
However he hinted he would still have a part to play in forming the new government.
He said: “In full respect of our agreements, we will now loyally support attempts by Salvini to form a government.
“I am here to support him, to guarantee the solidity of the coalition and keep our commitments with the voters.”
The media magnate is banned from holding public office because of a previous conviction for tax fraud.
And asked to explain the poor performance of Forza Italia, Mr Berlusconi took aim at the ruling, which he blamed for depriving the party of its leader.
He said: ”I can not say I’m totally disappointed.
“Millions of Italians have once again confirmed their trust in me despite the fact that Forza Italia doesn’t have its leader, forced for years, as a result of an unjust ruling, not to participate in elections.
“Last Sunday’s vote was not a derby within the centre-right: the success of the coalition is an important political fact because it will allow to change the policies with which Italy has been governed in recent years and to fulfil the great commitments of the electoral campaign, from tax cuts to immigration control, from the support of the weakest to a stronger commitment with the safety of citizens.”
The populist M5S established itself as the most popular party after Sunday’s vote, but its refusal to enter into coalition has left the group without enough seats to govern.
But Mr Berlusconi insisted despite the anti-establishment group’s better-than-expected performance, his coalition would be the ones to form a government.
He said: “I am convinced that Italy needs a government as soon as possible and this government can only be an expression of the coalition that prevailed in the elections.
“We are the coalition, not M5S, despite having achieved a very positive result.
“To do so, the numbers to govern must be found in Parliament. I hope that there will be responsible parliamentarians and political forces available for this.”