There are conflicting reports coming from Spanish media about the situation with Joaquin. Some report that Malga is very close to signing Joaquin, while others report that Malaga are willing to wait 6 months to a year to purchase Joaquin.
There are also reports that Joaquin was seen meeting with the Sheik, the new owner of Malaga if you didn't know and eating lunch together. Joaquin was reportedly with his manager and the Sheik was with staff from the club.
Based on an educated guess I'm fairly certain this is what is happening: Joaquin Sanchez has reached a deal with Malaga so now the ball is between Malaga and Valencia, but this so far is known, the new stuff is that Malaga aren't willing to offer more than 5 million euros. So what they have in mind is to make one final offer for Joaquin that is going to be around 5.5 million euros, but as always the final sum is based on clauses like the number of times Joaquin plays, how many assists, goals ans stuff like that.
Previous offers were 3.5 million euros in cash and then 1.5 million in clauses. Right now Malaga is likely to offer 4.5 million euros cash and 1 million in clauses. If the offer is refused by Valencia CF, then Malaga is probably going to wait 6 months and try and sign Joaquin in the winter transfer for probably much lower transfer fee or wait until next summer and get him for free.