Malaga chief Francesc Arnau has revealed they were offered Mario Balotelli last summer.
The Italian has revived his career with Nice this season.
"Balotelli's salary is astronomical," Arnau told Cadena Cope. "We made an offer for him but the amount involved was something we couldn't pay.
"He went to Nice because they have a strong, economic project in place there with new owners who have invested a lot into the club. There was no chance of him coming here."