The Italian's permanent switch to Bologna is nowhere near a sealed deal.
This summer he was loaned out to recently promoted Serie A side Bologna for the season after being informed his long-term future was not with the club.
That has proven to be a mistake. The Italian has been a big hit in Bologna, scoring six goals in 18 appearances after finally getting himself fully fit.
Now a report in Italy today is suggesting mixed messages over his future. It was previously thought that a permanent move to Bologna in the summer was seemingly set in stone.
Now Tutto Mercato Web is reporting that his future is in doubt. The report claims negotiations are open between both clubs but it is likely he will return to Sunderland in the summer - at least initially.
That is because other Italian teams are also keen on bringing him in this summer.
Giaccherini was a shock coup in 2013. He arrived from Juventus for a fee reported by The Mirror to be in the £6.5 million region.
The Italian, who has 21 caps for the Azzurri, played 32 times in his first season at the club, scoring five goals.
However 2014-15 was spent mainly on the physio table. He played just 11 games, and scored no goals, in a disappointing campaign.
His current form though sees him a wanted commodity, who is in contention to be heading to Euro 2016 with Italy this summer.
Perhaps Sunderland should give him another go?