Aquilani is currently on loan at AC Milan but has yet to reach the 25-game target which would secure a permanent move to the club.
Dalglish has now revealed that the midfielder could return to Anfield should AC Milan decide aginst signing him.
The Scot said: "At the end of the day, if they don't want him, he'll be back here. He's our player."
Liverpool signed Aquilani for £20m from Roma three years ago.