The 29-year-old Malaga midfielder is wanted by two of La Liga's top clubs, but his representative says he will likely stay at La Rosaleda until at least the end of the season
Despite this interest, his representative claimed that the 29-year-old Frenchman will remain at los Boqeurones for the short-term at least, as he battles his way back to fitness after another injury problem.
"The interest from Atletico in Toulalan is very strong, but there is nothing official. Valencia have also asked after him," Michael Manuello told reporters.
"Right now, his club is Malaga and he is 100 per cent focused on ending his injury issues once and for all and recovering as soon as possible to lead his team."
Toulalan has a buy-out clause of €30 million in his contract, which runs until June 2015, and although it is likely he will stay at Malaga for now, Manuella has not completely ruled out a move for his player.
"Jeremy is in a superb position at the club and is delighted with the treatment he has received by the fans and the directors," he continued.
"He identifies with the project and appreciates the support of the fans, but he has to finish the season, we will see how he is physically and see what happens to the club... there are many things to consider."
The former France international joined Malaga from Olympique Lyonnais in 2011 for an estimated fee of €10m.