John Mikel Obi has agreed a deal in principle to join Valencia but the move hinges on the future of Simone Zaza, according to The Independent.
Mikel, 29, is expected to leave Chelsea this month after more than a decade at Stamford Bridge.
His contract is due to expire in the summer and he has not featured under Blues boss Antonio Conte this season.
With the Nigerian midfielder seemingly unlikely to be offered a new deal, Chelsea are expected to let him go this month.
Clubs in Italy and China are also said to be interested in Mikel but he apparently favours a move to Spain.
The Independent say Valencia want to sign him but are also keen on Zaza and cannot sign both players because of Financial Fair Play restrictions.
Striker Zaza has been unimpressive since joining West Ham on loan from Juventus, failing to score a single goal for the club, and is expected to move elsewhere this month.
Meanwhile, West Ham’s Dimitri Payet continues to be linked with a possible return to his former club Marseille.
Following recent reports that Marseille are willing to pay up to £30m in order to re-sign Payet, French newspaper La Provence say the club have already held talks over a potential deal.