59-year-old Pellegrini has been in charge at the club since November 2010, guiding them to fourth place in La Liga in his first full season in charge and to the quarter-finals of the UEFA Champions League this season.

He is the favourite to replace Roberto Mancini at Manchester City and reports on Wednesday had suggested the club had come to a deal with him to release him early from his contract.

However, a spokesperson from Malaga's communication department denied any agreement had been made with the Chilean and as the club still had a UEFA Europa League place to play for they would make no further statement until the end of the season on 1 June.

"The club will not say anything now. We are still playing our league," they said.

"There remains some fixtures to qualify for the Europa League, so in this moment, officially, we are not saying anything.

"The club has not communicated anything about this. I am not saying [the report] is true or false, I am just saying that the club officially has not said anything.

"I think that other clubs, Manchester City or whatever other club, have finished their season but Malaga has not finished their season.

"Out of respect for the fact that we are still playing to finish the league in a position to play in the Europa League, we will not make a communication that the manager will leave or another will join, until we finish.

"Probably once we qualify for Europa, there may be a communication and we will say more on this subject."