Aquilani, 27, has spent the season at Milan and the loan agreement includes a clause that stipulates the Rossoneri must sign him for £6 million if he makes 25 appearances. However with substitute appearances only worth half, and the midfielder having made 16 starts in Serie A and the Champions League, he is three short with only four matches left.
He has only started one Serie A game since December 20, and was an unused substitute for the home win over Genoa on Tuesday.
It seems unlikely Milan will trigger the clause, but Dalglish has suggested the midfielder - signed from Roma for £16 million in 2009 - may yet have a Liverpool future.
"If they don't activate the clause, he will be back here," Dalglish said. "At the end of the day if they don't want him then he'll come back here as he's our player."
He added: "We've done everything right from our side so how they want to play it and what they want to do - that's up to them. If they don't want him, tell the boy you don't want him. They will do what they have to do.
"If they don't trigger it or they don't want him, it's not a problem. I'll be disappointed for the boy but he will come back here."
The player's father later revealed that Aquilani is unlikely to remain at Milan and is happy to return to Anfield.
"I don't think that Milan will decide to sign him outright, otherwise they would have done it by now," Claudio Aquilani told TMW. "I think he'll return to Liverpool, but Alberto has always been settled in England."
Aquilani was signed by Rafael Benitez but Roy Hodgson allowed him to join Juventus on loan for the 2010-11 season before Dalglish sanctioned the Milan switch upon his return last summer.