Malaga president Fernando Sanz revealed last week that the Primera Liga outfit tabled a bid to acquire Zaki's services in the close season.
Zamalek said few days later they knew nothing about Malaga's interest but now they are considering their offer for the Bulldozer.
"We will decide whether to accept the offer or not within two days," Zamalek marketing director Khaled Refaat told FilGoal.com.
"I don't want to disclose anything about financial terms because nothing has been finalized yet.
"Zaki will receive some other offers during the next few days. We will wait and see."
The combative frontman, who endured a turbulent spell with English side Wigan Athletic last season despite scoring 10 Premier League goals, made no secret of his desire to continue his European adventure.
He said his preference would be to play in the Premier League but that he would not mind having a Spanish stint.
Zaki is currently taking part in Zamalek's pre-season training camp. He scored in the White Knights' 2-0 friendly victory over UEFA Cup champions Shakhtar Donetsk on Sunday.