The former France international has expressed a desire to remain with a club he is contracted to until 2015.
Malaga are, however, expected to open themselves up to offers at the end of the season as they attempt to cut costs.
Toulalan is among those expected to generate interest, with clubs from across Europe believed to be monitoring his situation.
There is a chance that he will not turn out for Malaga again, with a broken toe suffered in a UEFA Champions League clash with Borussia Dortmund threatening to end his season.
It remains to be seen what the summer will bring, but Toulalan's representative admits move talks are being lined up.
Mickael Manuello told L'Equipe: "Atletico Madrid is still putting a lot of pressure on for Jeremy.
"But we have other concrete options as well."