Schuster's 10-men frustrated Atletico Madrid on Sunday, holding the league leaders to a 1-1 draw at the Vicente Calderon.
However, the result was not good enough for Malaga to continue their push towards the top half of the table, with the side three points adrift of 10th-placed Valencia ahead of next week's final round.
Now with a top-10 finish out of the equation, the 54-year-old's brief spell at Malaga could be about to end.
"It seems that way, I bid farewell to Malaga," Schuster told Spanish radio station Onda Cero post-game.
"It's clear what I have done here. I twice spoke to the directors and they've told me what they're thinking. It's fine."
"I tried to stay there, but there is interest from several teams; one in Germany, but nothing concrete," said Schuster, who has not coached in Germany since leaving Cologne in 1999.
"My first priority was that I wanted to fix everything with Malaga and then see what happens further on."
