ROME (Reuters) - Former Italian Prime Minister Silvio Berlusconi confirmed on Wednesday he would not lead his center-right People of Freedom (PDL) party in next year's election.

"I will not stand for premier again but I remain at the side of younger people who can play and score goals," the 76 year-old media magnate and owner of AC Milan soccer club said in a statement.

"I still have good muscles and some good sense but my role will be to give advice," he said.

Berlusconi had previously said he may not stand if withdrawing his candidacy could help centrist and center-right parties come together to form a single "moderate" bloc.

(Reporting By James Mackenzie)