Alessandro Del Piero has reportedly turned down the new offer from Montreal Impact and is currently considering Spanish side Malaga.
The Juventus legend is a free agent after his contract was allowed to expire at the end of 20 years in Turin.
There were reports this week that Canadian side Montreal Impact, who already have Marco Di Vaio, Bernardo Corradi and Matteo Ferrari, were making a new bid for the 37-year-old.
However, it’s now believed he rejected that proposal, as he would prefer New York Red Bulls or LA Galaxy in the MLS.
Del Piero could well remain in Europe, as Spanish newspaper AS suggests Malaga have drawn up a contract for the veteran.
It would be a particularly intriguing proposition, as Malaga are in the Champions League preliminary round.