The Mexico international signed for the north London club in 2008, but has failed to hold down a regular place at White Hart Lane, spending spells on loan at Ipswich Town, Galatasaray and Racing Santander.
Andre Villas-Boas was confirmed as Spurs' new coach on Tuesday, but the Portuguese's arrival has had no bearing on Dos Santos' decision.
"I want to return to Spain," he told ESPN Radio. "There is a new coach at Tottenham, a new season is starting and it is clear to me that I want to return to Spanish football.
"I think that I will be able to announce the move soon.
"Tottenham have always tried to sell me for double the price that they paid for me. There are offers, but nothing can be made public yet."
Malaga is the most recent Spanish side to be credited with an interest in the 23-year-old, with Atletico Madrid and Sevilla also understood to be vying for the Mexican's services.
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