Bild has also reported a change of heart from El Mala himself, suggesting the breakout star could be open to spending another year in Cologne rather than forcing through a move.
Reports in Germany indicate El Mala had long been expected to leave, having racked up 18 goal contributions in the Bundesliga last season, made up of 13 goals and five assists as the club fought against relegation.
Moves to both Brighton and Brentford appeared close to completion at various points earlier in the window, only to collapse at the final stage.
Brighton had reportedly offered around €35million for the 19-year-old but were unwilling to match Cologne's €50million valuation, while Brentford later tabled an even larger package worth up to €45million before that deal also fell through.
Other suitors, including Newcastle United, Liverpool and Borussia Dortmund, have so far remained largely on the periphery of the chase.
Whatever interest remains from elsewhere, Koln are prepared to let El Mala leave in the coming weeks should any club meet their asking price of €50million.
Crucially, however, the Rhineland club say they are no longer reliant on the funds a sale would generate to balance their transfer budget for the summer.
That shift is linked to the expected sale of winger Jakub Kaminski, who is closing in on a move to Benfica worth around €20million.
Koln believe that fee will be sufficient to cover their spending plans for the window, removing some of the financial pressure to sell their prized young forward.
For now, at least, El Mala appears to be settling into life in the Bundesliga for a second season, even if suitors elsewhere in Europe continue to watch his situation closely.
The German U21 international only joined Koln last summer but quickly established himself as one of the breakout stars of the Bundesliga campaign.
His representatives, reported to include his own family, have been closely involved in managing his next move, and that process has, for now, resulted in a decision to stay put in Cologne for another season.