The Spain international has attracted the attention of some big clubs from around Europe with his impressive performances in La Liga and the Champions League.
And following continued financial implications for the club as they face a one year ban from European competition, the Argentina defender believes the playmaker could soon be on his way out.
"For me it is a bad sign for the future of the club. I believe the next player to be sold in the short term will be Isco, because he is the one in the squad who will be most wanted," Demichelis told reporters.
The Andalusians were bought by Qatari Sheikh Abdullah bin Nasser Al-Thani back in 2010. The Arab owner invested heavily to improve the squad and the spending spree resulted in Malaga’s highest ever league finish of fourth, resulting in qualification to the Champions League for the first time.
However, Al-Thani has had a change of tactics and has already begun to sell some of the club's assets with the likes of Santi Cazorla and Jose Rondon departing for pastures new.
Demichelis himself has been rumoured to be rejoining River Plate as his contract is set to expire at the end of next season but remained tight lipped on whether a move would come into fruition.
The 32-year-old was quizzed by reporters about his future, who replied: “It is possible to analyse River again in the future, but no date set.”