The Manchester City boss wants to raid his former club for the Argentine in a £12m deal.

Pellegrini has targeted Caballero, 32, after admitting defeat in his pursuit of Barcelona star Victor Valdes, who has agreed to join big-spending Monaco at the end of this season.

Pellegrini axed England No.1 Joe Hart earlier this month following a string of high-profile blunders.

Costel Pantilimon has come in but Pellegrini is not convinced about either of them.

Caballero, who once helped Argentina U-20s win the FIFA World Youth Championship, insists he is happy at Malaga. But Pellegrini would be willing to triple Caballero's wages in an offer he would find hard to refuse.