He's already eligible for parole having served seven years of a minimum 10-year sentence handed down in 2014 for trafficking 15 million ecstasy pills in tomato tins seven years earlier.
But after being denied parole in August, Madafferi's fight has been dealt another blow with two Victorian Court of Appeal justices refusing to grant him bail.
Madafferi launched an appeal against his conviction, arguing fresh evidence showing Mr Acquaro - who was shot dead outside his East Brunswick gelato shop in March 2016 - was secretly giving information to Victoria Police about clients including him.
It's suggested an officer, known by the pseudonym Officer Pearce, is the only remaining person alive who can give full evidence about the information obtained from Mr Acquaro and later passed on to Australian Federal Police.
It's the AFP who busted the tomato tins operation. Others involved in the major bust, then the world's largest seizure of ecstasy, allege it's tip-offs from another gangland lawyer turned police informer Nicola Gobbo, that led to the discovery.
In a bail decision on Thursday, Justices Robert Osborn and Karin Emerton said if Officer Pearce had provided information to the AFP about then ongoing criminal activities reported by Mr Acquaro he was entitled to do so.
"As far as we can tell, none of the fresh evidence about Mr Acquaro exculpates (Madafferi) or raises any doubt about his guilt," they said.
It was noted that Mr Acquaro had not represented Madafferi at his trial, or that his trial lawyers were anything but independent.
They said Madafferi relied on a more general proposition that it was a case of "Victoria Police reprehensibly using lawyers and police informers" and deliberately hiding that from him.
The judges also touched on Madafferi's failed parole bid in August this year, for reasons they said were largely related to the nature of the offending.
He is able to apply again next August, but they noted that too would likely fail.
"Unless he succeeds on appeal, it seems likely that (Madafferi) will serve the full 10 years of his sentence in custody," they said.
Madafferi's lawyers had offered a $1 million surety, to be provided by a friend, as well as assurances that he would have work and family support if he was freed.
There was also the possibility Madafferi, who is an unlawful non-citizen, could have been taken into immigration detention.
He has been fighting his deportation to Italy for nearly 20 years, including in a case that went to the High Court.
The judges acknowledged there were delays in the case and said they would seek to expedite his appeal hearing.
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