According to Tuttomercato, Mihajlo Ilic was presented in a press conference at Cesena. Massimo Agostini, a member of the Cesena Board of Directors, presented Ilic and stated that he is a new player for the club who arrives on loan from Bologna. Agostini also highlighted Ilic's international experience, mentioning his previous season at Anderlecht and his background at Partizan.

Bologna FC 1909 announced that an agreement was reached with defender Mihajlo Ilic for a contract extension until June 30, 2029. The club also announced that the player was simultaneously transferred to Cesena FC on a temporary basis until June 30, 2027. Cesena FC also announced the acquisition of Mihajlo Ilic on a temporary basis from Bologna FC until June 30, 2027.

After returning to Bologna from a loan spell at Anderlecht, where the Belgian club did not make the move permanent, 23-year-old Serbian central defender Mihajlo Ilić will extend his contract. An agreement has been reached to add another year to his deal, making its new expiry date 2029. Following the signing of this new contract, Ilić will then be loaned to Cesena in Serie B. Both the renewal and the loan are reported to be well-defined and are expected to become official soon. Bologna signed the player in January 2024 from Partizan for a reported fee of €4.5 million, and the purchase option included in his loan to Anderlecht was valued between €5.5 million and €6 million. His current market value is estimated by Transfermarkt to be €2.00m.