Jovanovic, who signed on a free transfer from Standard Liege a year ago, has already held talks with Anderlecht but the Belgian side cannot match the reported £65,000-a-week he is on at Liverpool.
There has also been interest from teams in the Middle East but Jovanovic would prefer to remain in Europe in order to maintain his international career with Serbia.
"There is a gap between what we can offer and what the player gets at Liverpool," said Anderlecht general manager Herman van Holsbeeck.
But Jovanovic's representative Dejan Veljkovic is confident a deal can be done.
"Milan will definitely come to Anderlecht," he told Het Nieuwsblad in Belgium.
"We are talking again and everything looks good: the sporting aspects, financial, contributions.
"We are still a few solutions [away] but there is movement."