Iago Falque's form in Italy for Genoa is attracting attention in his native Spain, report Italian website Tuttomercatoweb.
Valencia are battling to qualify for next season's Champions League, currently occupying the important fourth qualifying spot. Villareal are in sixth but 11 points behind, likely to feature instead in the Europa League once again.
Falque's Genoa are in seventh in Italy, ahead of both Milan clubs, and could yet qualify for the Europa League themselves. They won't however be able to compete with what Valencia look likely to be able to offer him.
The 25-year-old began his career with Real Madrid's academy, switching later to Barcelona's, and has previously played in Spain for Villareal's B side, and on loan with Almeria and Rayo Vallecano when at Tottenham.
Falque was always clearly a talented player at Spurs, regularly impressed for the under-21 side, but he could not make the step up to the first team.
He could have flourished under Mauricio Pochettino, but he decided to make a fresh start in the summer by moving to Italy instead, and it has worked out, becoming a regular for Serie A side Genoa.
This season he has nine goals and four assists, but could clearly have a big decision to make this summer.