The Frenchman made 29 appearances in all competitions for Malaga last season as tied up fourth place in La Liga, but as the club experience financial troubles, the 28-year-old looks set to be one of the players sold to balance the books.
Manuello was quoted by AS as saying: "The club needs to sell, and it seems that Jeremy is one of the players they are willing to part with.
However, on the links with Barcelona, Manuello claimed: "Barcelona are not interested."
Malaga paid €10 million to purchase Toulalan from Olympique Lyonnais last summer, and will be looking to recoup the majority, if not all, of that transfer fee.
|WHO WILL TOP THIS YEAR'S LIST?