Milan have endured a difficult season so far, with Paulo Fonseca, who replaced Stefano Pioli in the summer, being fired at the end of December.
And now Corriere dello Sport says Milan and the owners' advisor Ibrahimovic are not completely satisfied with Conceicao.
The 50-year-old has a better points average than Fonseca, but Milan is seven points from fourth place in Serie A.
Milan also lost to Feyenoord in the first-leg of their Champions League round 16 playoff.
According to the newspaper, Ibrahimovic was unhappy that Santiago Giménez and Rafael Leão were replaced by Francesco Camarda and Tammy Abraham in the closing stages of the 1-0.
Milan made five signings in January and Ibrahimovic has expressed that Conceição now has “two teams”.
The coach responded to the Swede's comments, stating: "The truth is that it is more than two, because we have many in the youth sector."
Corriere dello Sport states Ibrahimovic did not appreciate Conceição's comments made this week.