However, reports today suggest the Argentinian international could ignore interest from both Premier League sides and opt to sign for Marseille, who are looking to rebuild under new coach Marcelo Biesla after a disappointing season in Ligue 1 ending in failure to qualify for European football.
Banega arrived at Valencia for a hefty €20m in 2008, but is now set to leave the Spanish side after falling out of favour under current manager Juan Antonio Pizzi.
The 25-year-old spent the second half of last season out on loan at Newells Old Boys in his native Argentina, but with that deal soon coming to an end the midfielder is now on the hunt for a more permanent move elsewhere.
Many believed White Hart Lane would be the destination for Banega, Maurucio Pochettino is yet to add any new faces since taking the managers job at Tottenham Hotspur and Banega was tipped to be the first, linking up with his fellow countryman.
But now it appears Marcelo Biesla will be the compatriot of which Banega will gift his services.
The Argentinian international is considered to be a great admirer of Biesla having come up against him in La Liga with Valencia and on loan at Atletico Madrid, whilst the 58-year-old was managing Athletic Bilbao.
Potentially an early blow for both Tottenham and Sunderland as they look to prepare for the upcoming season, the news will come as a further blow in a tough week for The Black Cats who have already been snubbed by Jack Colback in favour of a move to rivals Newcastle United.