The 19-year-old has been a breakout star in the Bundesliga this season, scoring seven goals and providing two assists in just nine league starts for Koln.
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As a result, El Mala has piqued the interest of several clubs, including Premier League side Brighton.
According to journalist Florian Plettenberg, Brighton had a €30 million bid, plus a 10% sell-on fee, rejected in January.
Brighton remain interested in the youngster, however, and are likely to be back in for him in the summer.
Unfortunately for them, Bayern Munich are also keen on the winger and would like to sign him as a potential back-up option to Luis Diaz.