The Spaniard seemed set for a return to Cardiff this summer, but plans have now changed at La Rosaleda.
However, in April and with reports the Costa del Sol club had agreed a move for Levante striker, David Barral, it looked increasingly like a permanent move was now out of the question for Guerra.
Circumstances at Malaga now seem to indicate their thoughts and plans may have changed, with a deal for the 33-year-old now becoming a serious possibility, according to local newspaper Diario Sur.
Partly, the about-turn from Malaga comes due to limited funds, plus Financial Fair Play restrictions in La Liga, with the club hovering at their wage cap following the permanent signing of Nordin Amrabat from Galatasaray.
Given his willingness and desire to stay with Malaga, the club are now hopeful Guerra can secure his departure from Cardiff City permanently, leaving them free to complete his signing for nothing.
There is though, the recognition that nothing will be easy or straightforward in that regard, as player still has two more years left on his contract with the Welsh club.
As such, the ball is in Cardiff's court right now. Much will depend on whether they want Guerra to return and fulfil his contractual obligations, or to sell the player for a transfer fee.
Obviously, Malaga are hoping Cardiff will want to cut their losses and release the player from his contract, making Guerra a free agent and clear to sign for them.
Indications right now from La Rosaleda are that for his part, Guerra will be trying to do everything in his power to arrange his permanent departure from Cardiff, whilst also willing to take a significant drop in salary, in order to stay with his hometown club.
Guerra remains patient about his situation. Questioned on the subject after the final game of the season in La Liga, he told Diario Sur: "There's time to sort things out. There's all summer ahead of us. I have no problem making sacrifices. It's a question of values. A player always wants to be playing at the highest level."
Effectively, that was another clear indication that he has no desire to play in the Championship or with Cardiff, whilst also willing to take a personal loss financially. Only time and careful negotiations between all parties, will dictate if he gets his wish.