The Spanish club is keen to tie down its prized asset to a long-term deal after his match-winning performances in the UEFA Champions League warranted widespread acclaim.
The 20-year-old Spanish Olympian only arrived at La Rosaleda last summer from Valencia, but he has already garnered interest from Tottenham and other sides, as sporting director Mario Husillos 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." Husillos 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 the club's 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," Husillos said. "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."