Malaga have announced their intention to hand Isco an improved contract, as they fear that his €21 million buy-out clause may soon be met by a rival club.
The 20-year-old only arrived at La Rosaleda last summer from Valencia, but has already garnered the interest from Tottenham and other sides, as their sporting director Mario Husillos has revealed.
"There have been no calls from Russia for him. Tottenham tried to sign him before the market closed. He remains ours and with his clause, no-one has activated that." the official told Radio Marca.
"We will talk with him as soon as possible. We know his potential, his growth and in the Champions League his profile has grown. He is a fantastic player.
"He is playing football in his home country at a club that suits his style. He has tremendous potential and room for growth that could lead to him becoming a full Spain international.
"We believe that the best place for him to do that is Malaga. We want to enjoy him for many years without impeding his growth."
Despite their recent financial troubles, Husillos insisted that any potential move for Isco would have to be approved by coach Manuel Pellegrini.
"The person leading this whole institution is Pellegrini," he added. "It sounds obvious but it's true. We try to collaborate as much as possible, and I give him options, but the final choice is his."