Hertha Berlin and Eintracht Frankfurt are two clubs that have shown an interest in the 31 year old but an unnamed third team, reportedly Bolton have entered the race for Borgetti's signature.
Borgetti said, "Hertha Berlin has said that they don't want me, but I have an offer from Eintracht Frankfurt and another team that told me not to say their name.
"The officials of these teams have already started negotiations with Pachuca so I expect to have some news during the week.
"I have said to the officials of Pachuca to negotiate my transfer with the team that pays what it deserves.
"I think that it's the moment that European teams accept to pay what Mexican players are worth.
"If they don't offer a contract similar or better than the one I have at Pachuca I will stay in Mexico.