The Serie A club's manager claims he is still keen on signing the midfielder, admitting that he will not lose hope and that there is still plenty of time for a deal to be struck
Despite reports of supposed interest from AC Milan emerging on Saturday, the coach believes he can strike a deal for the former Juventus loanee.
Aquilani, 27, is seemingly surplus to requirements at the Premier League club and initially appeared to be on his way to Fiorentina and although talks looked to have broken down, Mihajlovic has admitted that the deal is by no means up in smoke.
"Aquilani deal up in smoke? From now until the end of the market there is still plenty of time, let's not lose hope," he told La Repubblica.
"The club, myself, and director of sport Pantaleo Corvino have clear ideas and we know exactly what to do."
Aquilani returned to Liverpool in June following a season-long loan with Juventus.