Reports in Spain said recently the Primera Liga outfit were interested in signing the Egyptian international.
Zaki, who endured a turbulent spell with English side Wigan Athletic last season despite scoring 10 Premier League goals, has made no secret of his desire to continue his European adventure.
Malaga, who finished eighth in the league last season, offered him that opportunity, the club's president said.
"I hope Zaki will accept our bid," Fernando Sanz told Spanish daily Marca.
The Bulldozer stated he wouldn't mind staying at Zamalek if he didn't receive a suitable offer but the chance to play in Spain could be very appealing.
"In my opinion, the Premier League is the strongest in the world, while the Primera Liga comes second," he told Egyptian TV early this month.