Relations between the two clubs have grown increasingly tense over recent weeks, with Cologne repeatedly making clear their frustration at Dortmund's persistent approaches for the 19-year-old.
Dortmund have nonetheless kept coming back with fresh offers despite the rejections, and are set to submit another one imminently, according to Express.
This time the fixed fee on the table is reported to be €48m, with a further €2m in bonuses described as easy to trigger, becoming payable once El Mala plays his first Champions League match and starts five Bundesliga games.
A further €5m in bonuses is said to be harder to reach, tied to matters such as senior international appearances, meaning Dortmund's total package amounts to €55m, a figure that would technically satisfy Cologne's stated demand of at least €50m for the winger, and matches a package Brighton previously offered before that deal collapsed on the player's side earlier in the window.
Cologne signed El Mala from Viktoria Köln for a modest €300,000 in 2024, initially loaning him straight back for a season, and he has since become one of the breakout stars of the Bundesliga, earning a first call-up to the senior Germany squad on the back of his form, having previously been let go by Borussia Mönchengladbach's academy as a teenager for being too small and physically unable to compete at that level.
The sticking point now appears to be the sell-on clause rather than the fee itself. Cologne are said to want 10% of any future resale calculated on the full transfer value, while Dortmund are only willing to offer their Bundesliga rivals 10% of any profit made on a future sale, a meaningful difference given how the two calculations would play out over time.
It remains unclear how Cologne will respond to the latest offer, though El Mala himself has already made his preference for a move to Dortmund known internally at the club, leaving the final decision largely in the hands of the two boardrooms.