Hi Arjun,
With your system, the TLV320AIC3101 would probably not be the best device.
Here is my recommendation using devices from TI's audio portfolio (as your application is audio). From the output of your MIC (single-ended or differential) I would use the appropriate A/D converter. Then I would use a DIT4192 to go to an optical driver then use a DIR9001 to receive the signal and use a PCM1789 (Diff) or PCM1754 (SE) as the DAC.
Regards,
~John