The Italian has been on loan with AC Milan this season, and looked set to complete the 25 games for the Rossoneri that would trigger a right-to-buy option in the midfielder’s contract.
However because of recent fitness and form problems the former Roma midfielder is marooned on 22 appearances this season with games fast running out in Serie A.
Aquilani’s agent Franco Zavaglia admitted he was unsure where his client’s future lies.
"I don't know if AC Milan want to buy him. We must still wait,” he told gazettagiallorossa.it.
"Alberto has recovered from injury and is back at the disposal of the coach. He is only three games short of the automatic right to buy."
Aquilani signed for Liverpool in 2009 for £20 million from Roma, but made just 18 league appearances for Reds before being farmed out on loan to Juventus in 2010.
The 27-year-old has previously reiterated his desire to complete a permanent switch to Milan, telling La Gazzetta dello Sport: "I couldn't be better treated. I feel healed. You can't say I'm injured.
"AC Milan were great. They took me to a Dutch specialist and most of all they have advised me well."
He added: "I like Liverpool, but Milan are at the top"
However if Milan opt not to snap the midfielder up on a permanent deal then he may be forced to return to Liverpool, with Zavaglia previously ruling out a return to Roma because of the Italian club's financial constraints.