German side Mainz announced on Monday that Hamza's contract has been rescinded by mutual consent but agent Mohamed Mansour said their statement was not accurate.
"Mainz offered him the chance to become a free agent on condition that he gives up his dues," Mansour told FilGoal.com.
"He refused that offer because he will not able to join any club before January, and it is not reasonable for anyone to give up three month's salary.
"Hamza also wants to remain part of Mainz's roster to fight for his place, at least until the January transfer window."
The former Zamalek striker, 27, signed a two-year deal with Mainz in the close season but he wasn't called up in nine successive league games.
He made one competitive appearance with them in the Cup defeat against Lubeck in July.
The club's general manager Christian Heidel said Hamza couldn't keep up with the physical demands of the Bundesliga.
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Hamza did not terminate Mainz deal - agent