The former defender, who played for the club between 2004 and 2006, and served as an assistant under Roberto Mancini at San Siro, is now in charge of the Serbian national team.
Andrea Stramaccioni’s future with the Nerazzurri has been the subject of great speculation after a series of disappointing results.
And Mihajlovic has admitted he would be interested in a return to the club, but added his hope that the current man in charge would prove to be a success.
“If you ask me if I hope to one day coach Inter then I’ll say yes. And I would repeat that a thousand times," he told La Gazzetta dello Sport.
“I'm happy that my name is paired with the Inter bench. But I love Inter too much to hope that things go badly in order for me to become a candidate for the job.
“Therefore, as an ex-player and a fan, I hope that Stramaccioni and his side can qualify for the Champions League.
The 44-year-old then gave his views on Inter's current struggles and suggested a loss of confidence may have crept in and affected performances on the pitch.
“The players seem nervous, they’ve lost faith, perhaps fear has taken over. It’s time to stay united, those experienced players need to support others. I hope Stramaccioni finds the right answers.”