Having joined from Standard Liege last summer, Jovanovic endured a slow start to his Anfield career during former boss Roy Hodgson's rocky reign, and has featured just twice for the club since Kenny Dalglish took over as caretaker manager.
He joined Liverpool with a reputation as one of Serbia's most talented players and started all three of their World Cup group matches last summer, scoring the winner against Germany, but his lack of competitive action with the Reds has seen him slip out of Petrovic's first XI this season.
However, he put in a hugely impressive display in Friday night's 2-1 victory over Northern Ireland after being sent on for the second half.
Petrovic said: "I am not surprised by Milan. I know he is a player who can play at a very high standard. It is impossible that such a good player would forget how to play football.
"He is special and he had a special desire to play for us here. In the past he has been one of our best players and I think he deserves more chances [with Liverpool]. If he gets chances he will soon be on the same level again."
Asked if Jovanovic should consider leaving Anfield in the summer, Petrovic was less forthcoming, adding: "Only he will answer whether he should leave or not. I don't want to speak about that."