Italy international has options as former Inter and Lazio ace claims he is still keen on signing midfielder, claiming he will not 'lose hope' over striking a transfer agreememt
Despite reports of supposed interest from AC Milan emerging on Saturday, the coach believes he can land the former Juventus loanee.
Aquilani, 27, is surplus to requirements at the English side and initially appeared to be on his way to Fiorentina, but the deal went cold over his willingness to join permanently whereas the club were only offering a loan deal.
The player's agent Franco Zavaglia said the route towards the Artemio Franchi was open on Friday and cited his client's desire to join Fiorentina on a long-term basis.
And Mihajlovic has said something could still happen between now and the end of the transfer window in August.
"Aquilani deal up in smoke? From now until the end of the market there is still plenty of time, let's not lose hope," Mihajlovic 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.