Babbel currently manages Western Sydney Wanderers, and has seen fellow A-League side Central Coast Mariners take legendary Olympian Bolt on trial.
The sprint king, who scored his first two goals for the club during their trial match against second division club Macarthur South West United, has already spoken of his desire to earn a permanent contract with the club.
Babbel, though, insists that his attempt at his career change is a mere publicity stunt.
"As a PR campaign, it is sensational," the ex-defender, who spent six years at Bayern and four at Liverpool, told Swiss newspaper Blick.
"But, honestly, I cannot take that seriously.
"I saw him play. That's never enough in a hundred years. As a player, I would feel like a fool."
"A champion is always welcome and at Valletta FC we believe nothing is impossible," Valletta managing director and CEO Ghasston Slimen told ESPN.
"There is a lot of interest in Usain playing football. We are regularly approached by clubs from all over the world," his representative, Ricky Simms, said.
"The only difference with the latest offer is that it was made through the media.
"I can confirm that Usain does not want to pursue the opportunity in Malta."