The Premier League club reportedly made an offer of €15m plus €3m in bonuses for Camacho, but there was some dispute regarding payment method.
Malaga wanted the transfer fee in a one time payment, whilst West Bromwich Albion insisted on staged payments.
The Spanish midfielder has been speaking to Marca, and was asked about West Bromwich Albion’s offer, to which he replied: “The English team submitted a proposal amount which I believe wasn’t good enough for the club or for me.
“The club was willing to fight to get the most for me, negotiations broke down and collapsed.”
Marca say West Bromwich Albion weren’t prepared to pay his release clause of €18m, and Malaga are now thinking of offering him a new contract.
Camacho has another three years left on his contract at Malaga, and it’d be interesting to see if he can earn a move to the Premier League soon.