The Paraguayan forward, who spent last season on loan at the financially-troubled La Liga outfit, will become a free agent next month, when his contract at Manchester City expires.
Santa Cruz says that his family are very settled in Spain and that he is keen to stay at the Estadio La Rosaleda on a permanent basis.
"I think that what is best is that [my family] have a bit of continuity and stay with what has been started here," he told reporters.
"The main thing is that the club keeps going and puts in place a long-term project. I think that they are working out what they will have to spend and, as a result, the majority of players will be asked if they will take a cut in order to stay and create a credible plan.
"Malaga have told me their intentions and that they want me to stay. They are trying to reorganise the deficit and have all the numbers in order."