Mihajlovic took over from Pippo Inzaghi with the team all but going down.
Palacio said, “That is his decision. He has done very well here, the fans would love him to remain, the President will speak tomorrow and we all hope he'll stay.
“If we keep playing like this, or at least start with this approach, then we can have a very good season."
Palacio confessed his own future with the Rossoblu is by no means guaranteed either.
“I don't know if I'll be here next season, I have to talk to the club and we need to reach an agreement.
“It doesn't matter if I score or not, as the important thing is that the team wins. I train well and run hard, but my teammates make it easy for me too."