Inzaghi, the former striker for Juventus and AC Milan, was hired in June. Mihajlovic's most recent job was with Sporting Lisbon but he was fired nine days after being hired in June and didn't coach a single match.
Mihajlovic, whose contract lasts through the end of the season with an option for next season, previously coached Bologna in 2008-09 for his managerial debut in Serie A. Mihajlovic has also coached Catania, Fiorentina, Serbia, Sampdoria, Milan and Torino.
Bologna is in 18th place, three points from safety.
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