Mihajlovic returns to the club having also coached them in the 2008-09 season.

His last job was at Sporting Lisbon where he was sacked after only nine days in the job.

Under ex-Italian international Inzaghi who joined in June, Bologna have won only two games and are 18th, three points from safety in Serie A.

Bologna's Canadian owner Joey Saputo had described Sunday's 4-0 defeat to second-from bottom Frosinone as "pitiful".

In a statement, Bologna thanked Inzaghi for "the work done with passion and professionalism" since he arrived at the club

Mihajlovic, who also replaced Inzaghi as AC Milan coach back in 2015, has signed a deal until 30 June with an option to extend for the 2019-20 season.

The 49-year-old former Serbia national coach has extensive experience in Italy with clubs such as Fiorentina, Catania, Sampdoria, AC Milan and Torino.

The ex-Yugoslavia international defender spent most of his playing career in Serie A with Roma, Sampdoria, Lazio and Inter.

Seven-time Italian champions Bologna won their last league title in 1964 and lifted the Uefa Intertoto Cup in 1998.