The Portuguese flyer has impressed hugely this season and is reported to have attracted interest from Wigan, Celtic and Real Betis.
Former Belenenses ace Eliseu will be out of contract at the end of next season and although Malaga do not want to lose his services, they accept that should their valuation be met they will have little option.
Malaga president Fernando Sanz said: "We are not interested in a sale because we want to build a good project.
"But if any club arrives with this money and Eliseu accepts then it is likely that he will leave the club."
ProgressEliseu, who was called up by Portugal boss Carlos Queiroz for the recent friendly with Finland, plans to make a decision in the summer over where his future lies.
He added: "I am only thinking about Malaga. We are having a great campaign and want to continue at this level and fight for a place in Europe.
"At the end of the season I will decide about my future. I have heard that some Spanish and foreign clubs are following my progress and that is a compliment to me.
"I was motivated to make the move to Spain and I believe this has been a success. I am enjoying my football more than ever and I want to progress further."