The Chile international striker has been considering offers from around the world.
However, Vargas' agents have made contact with Tigres that he's willing to enter talks about a new contract.
A source told Multimedios Deportes: “From what the people who manage Vargas have been saying, the options that have been presented to them, both in Saudi Arabia and in Brazil, do not meet expectations, in fact, they do not even equal the salary that he has today in Tigres.
"For this reason they are thinking of accepting the last proposal made by the Tigres board of directors, which is for one more year of contract, without a salary increase, but maintaining the one that currently accrues and some clauses for meeting objectives where he could earn more."
Former Napoli and QPR striker Vargas' current deal runs to December.