The ex-Perepolis player's Iranian manager Reza Fazeli has refused to comment on the latest report, saying a definite announcement on his client's future club will be made by the end of January.
He indicated that Hamburg might still make an improved offer to Mahdavikia.
However, Hamburg team manager Dietmar Beiersdorfer ruled out a higher offer for Mahdavikia and reiterated his club's January 31 deadline for the striker to accept the final offer.
Meanwhile, Hamburg has already been looking for possible alternatives to replace Mahdavikia, should he decide to leave.
Mahdavikia whose contract runs out next summer has also been linked to fellow German Bundesliga team Schalke 04 which has started a major effort to sign top players for next season.
Contract extension talks between Mahdavikia and HSV had earlier bogged down over the right winger's 3-million-euro salary demands.
On Dec. 10, the Bundesliga-bound Mahdavikia became the third Iranian player who has claimed the honor since it was inaugurated in 1994.
Yoshito Okubo of Japan won the Young Player of the Year award, and the Women’s Player of the Year title went to Rim Kum-suk of Democratic People’s Republic of Korea.
Following a stellar season with the German club Hamburg SV, Mahdavikia has been crowned the continent's best footballer of 2003, emulating the feats of compatriots Khodadad Azizi and Ali Daei, who captured the prestigious award in 1996 and 1999 respectively, said the AFC’s official site.
While technically the honor is bestowed for achievements in a calendar year, such was Mahdavikia's consistency throughout the 2003/03 Bundesliga campaign that there were few quibbles with the decision. Hamburg fans overwhelmingly voted Mahdavikia as their Player of the Year after he helped the side finish fourth in the league to qualify for the UEFA Cup.
Although the 26-year-old registered just two goals during the league campaign, his ability to create chances for others was -- and still is -- the defending quality of the popular Iranian, borne out by the fact that he topped the 2002/03 Bundesliga chart for goal assists.
On the international front, Mahdavikia, also made an invaluable contribution, setting up two goals for Iran as it defeated New Zealand 3-0 to claim the AFC/OFC Challenge Cup in October.
He is no stranger to Asian football's Hall of Fame, having won the AFC Youth Player of the Year and Goal of the Year awards in 1997.
KK/IS
END
MNA