The 30-year-old has been searching for a new club since mutually terminating his contract with Monterrey at the start of the summer, a spell in Mexico that yielded just one goal in 20 appearances.
Despite that underwhelming form, Libyan side Al-Ittihad Tripoli, fresh off signing Sofiane Boufal, offered Martial a two-year deal worth €10 million net plus a €5 million signing bonus, according to a source close to the negotiations. The Frenchman turned down the offer outright.
Martial had also previously rejected firm offers from two Ligue 1 clubs due to insufficient guarantees over playing time. The forward, who has been training independently to stay fit while he searches for the right move, has long targeted a return to an ambitious club, ideally in southern Europe, since his departure from Mexican football.
According to reports, Martial is now in advanced discussions with Málaga, who currently sit 18th in LaLiga, and could sign for the Spanish club in the coming days. A move to Spain would not be entirely new territory for the Frenchman, who spent part of the 2021-22 season on loan at Sevilla during his time at Manchester United.
Martial's search for a new club has dragged on since his release from United in 2024, with spells at AEK Athens and Monterrey both failing to reignite his career. His willingness to turn down significant financial offers, first from Ligue 1 sides and now from Al-Ittihad Tripoli, suggests he is prioritising regular football and a genuine chance to rebuild his reputation over a lucrative short-term payday.
Martial spent nine years at Manchester United after joining from Monaco in 2015, scoring 90 goals in 317 appearances before his contract was allowed to expire. His career since leaving Old Trafford has failed to match those heights, with nine goals in 24 appearances at AEK Athens followed by his disappointing return in Mexico.
Malaga's interest has also been driven partly by a long-term injury to forward Julen Lobete, which has left the club short of attacking options as they search for a way to arrest a poor start to the season.