The striker is a free agent after his contract at Schalke expired at the end of last season, but his agent, Victor Becali, says wages are proving a stumbling block
The 27-year-old is a free agent after leaving Bundesliga outfit Schalke following the expiry of his contract.
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Becali told Dolce Sport: "Marica's transfer to Tottenham failed.
"Rayo cannot pay the salary, nor can they approach half the salary that he had in Schalke.
"Very few teams in Spain can pay well, but Marica is now in Madrid."
Marica, who has won league titles in Romania and Ukraine in his career, scored six goals in 19 games last season for Schalke.