The 23-year-old has been out of form in recent weeks, with many insisting that a move away from the Serie A side is coming in the summer.
Mihajlovic, who was manager of Fiorentina until 2011, has described Jovetic as one of the best players in Italy, but believes that the Serbia international is not enjoying himself at the club and will leave at the end of the season.
"I consider Jovetic to be one of the best players in Serie A, but right now he is not playing at his level," Mihajlovic told reporters. "I am no longer in Florence, so I cannot say for sure what the problem is.
"It's evident he is suffering because of something and if things don't change I think he'll leave at the end of the season. Jovetic is a sensitive guy and it's fundamental you know how to deal with him.
"As with all great champions, he needs to feel important. It means giving him responsibility, but also 'communicating' that he is one of the best. Maybe the problem is that he doesn't feel as highly considered as he'd like."
Fiorentina face Inter Milan in Serie A's evening kickoff tonight.