According to the Cairo club, Anderlecht offered to pay € two million for the highly-rated schemer, with Zamalek holding the right to obtain %15 of the player in any re-sale.
The Whites turned down the new offer because it does not fulfill their financial demands, marketing director Ashraf Sobhi said.
"We refused the offer because it's still not up to par," he told FilGoal.com.
"We loaned out Amr Zaki (last summer) for € three million, so how come we accept only two for Shikabala's services?
Anderlecht initially tabled a € two-million offer for the 24-year-old only to be snubbed by Zamalek. They later added the re-sale clause to their bid but it was also declined.
Shikabala is understood to have already penned a four-year contract with Anderlecht.
A couple of days ago, Anderlecht called on the Egyptian FA to send them the International Transfer Certificate (ITC) of Shikabala after Zamalek had opted to hold onto him.
They decided to take a legal action against Zamalek for refusing to let Shikabala leave after the player apparently invoked article 17 of FIFA's regulations.
The article stipulates that players who have already served three years of their existing contract - or two years in the case of players aged 28 or over - could buy out the remaining time of their deal.
After both clubs once again could not reach an accord, Anderlecht are expected to keep seeking all legal avenues to sign the Egypt playmaker.
Ready for a Legal Battle
Sobhi shrugged off Anderlecht's potential attempt to sign Shikabala against Zamalek's will.
"There are no loopholes and Shikabala wants to stay at Zamalek. we are ready for a legal battle if Anderlecht want to take it to court," he stated.
Shikabala was recently quoted by Belgian paper De Standard as saying that he's determined to leave Zamalek to join Anderlecht.