Malaga want to keep Martin Demichelis in Spain this season.
The former Manchester City defender has negotiated a release from his contract at Espanyol and was expected to return to Argentina.
However, Demichelis could yet be offered a deal by Malaga.
Marcelo Romero, the Malaga coach, said: "Everyone knows him and knows what he can contribute, he is a great footballer and does not need presentation.
"But now I have the players we have."