The club, however, have not confirmed that Ramos has departed.
Malaga are 11th in La Liga and only nine points clear of the relegation spots.
Ramos came under pressure from supporters during the club's King's Cup 4-3 defeat to second-tier Cordoba on Tuesday, which meant they were knocked out 6-3 on aggregate.
Ramos, 62, rejoined the club in May, 12 years after his first spell ended.
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He has managed a host of Spanish sides, including Sevilla, where he twice won the UEFA Cup, and Real Madrid, as well as Spurs in England, CSKA Moscow and Ukrainian side Dnipro Dnipropetrovsk.
(Reporting by Neville Dalton; editing by Toby Davis)
