Player's agent claims anything can happen when asked whether a move back to Serie A was possible this summer
The Italian club are keen on bringing in the 27-year-old after coach Sinisa Mihajlovic said he wanted "someone like Aquilani" when speaking with the press earlier this week.
News of Riccardo Montolivo's possible exit from Florence has heightened the need for an alternative, while on Monday Valon Behrami said he would relish the chance to play with Aquilani at the Artemio Franchi.
Yet, despite last week claiming there was "little chance" of Aquilani leaving Anfield, agent Franco Zavaglia has now said his client could still return to Serie A.
"Anything can happen, never say never," Zavaglia told Il Corriere Fiorentino.
"We are waiting and we will see if there is anything concrete. Alberto has an important contract and Fiorentina are moving within certain parameters.
"I don't know if the move is possible, but with time something could happen."
Aquilani has also been linked with Italian champions AC Milan. Last season the Italy international was on loan at Juventus after failing to settle at Anfield, but the Turin-based side were reluctant to keep him permanently.