Manchester City and Real Madrid are reported to be leading the race to snap up the 21-year-old, who has a £30m release clause in his current contract.
The playmaker has been heavily linked with a switch to the Citizens after his former Malaga manager Manuel Pellegrini was appointed as Roberto Mancini’s successor at City.
But the Champions League quarter-finalists are determined to receive their asking price for the midfielder, who helped Spain’s side win the European Under-21 championship on Tuesday.
“He’s a magnificent player, very important to us and if the offers do not match what we are looking for then we will not sell the player,” Shatat told reporters at the unveiling of new Malaga coach Bernd Schuster.
“We will only sell for the right price, and that price has been set.
“We have no need to sell if the price is not right.”
Isco, who scored nine goals and made one assist in 37 appearances last season, confirmed he had received offers from both City and Madrid but had yet to make a decision on his future.
“Well, I have two offers on the table,” Isco told AS English.
He added: “I hope to make my decision soon although right now, I am still under contract with Málaga.
“I know that both Manchester City and Real Madrid are two great clubs. I just want the best outcome for me and for Málaga.”
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