AC Milan enjoyed having French international centre-back Adil Rami on loan last season, but they face a struggle to sign him permanently.
In a grim campaign for the Rossoneri, Rami was one of the bright points and the 28-year-old certainly did enough for Milan to open negotiations with Valencia about keeping him.
The loan agreement between the two sides gave Milan the chance to negotiate with Valencia before Rami is offered to other clubs.
The Rossoneri are also trying to sign Adel Taarabt from Queens Park Rangers after an impressive loan spell and their finances seem to be stretched.
Although Valencia don't seem to want to bring Rami back to base, the Spanish side can be confident of getting more for Rami.
Arsenal have been keeping an eye on the towering stopper and the Gunners may now get a chance to enter the fray.
Much will depend on the future of club captain Thomas Vermaelen, but Arsenal may jump in for Rami, especially if he can be bought for around £5m.
Manchester City have also been linked to Rami, so it may be that Valencia can whip up a bidding war if they turn down Milan's modest bid.