The former Fiorentina and Bayern Munich striker's agent is trying to thrash out a deal with the Spanish club, following his client's failed spell at Emirati side Al Nasr
The 35-year-old has been linked with a return to Europe after failing to impress in the UAE with Al Nasr, who are believed to be close to releasing the striker.
Malaga are currently on the lookout for a new man to lead the line following the retirement of Ruud van Nistelrooy, and Toni is one of the options for the cash-rich Spanish club.
"We are looking at several options for the attack, and there have been a lot of cases of players being offered to us," a Malaga source told Goal.com.
"We are working calmly because we do not want to make a wrong decision."
Toni, who was part of the Azzurri's title-winning squad at the 2006 World Cup, signed for Al Nasr in January after leaving Juventus.