The Rayo Vallecano manager has been linked with a host of European jobs after impressing in Madrid.
The pundit is Sky Sports' go-to man for all things La Liga based, and he gave his opinion on the future of a manager who has been closely linked to jobs in England this summer.
But rather than heading across to the UK, Balague thinks Paco will remain in Spain, even if he doesn't extend his contract at Rayo Vallecano.
"This week he will tell Rayo if he accepts the renewed contact that has been put on the table," said Balague. "I think it will be a ‘no’ because Sevilla want him.
"I know there’s been a lot of talk about the Premier League and yes, he had a meeting with Brentford. I think he would like to be in Spain next season, maybe at Sevilla if Unai Emery goes."
Though it is just the pundit's opinion on where the 45-year-old will end up, it is interesting to hear that Paco is alleged to have already met with Brentford, who are set to replace Mark Warburton in the summer despite the Bees still being in the running for a second successive promotion.
The board at the Madrid club have tried to tie the former Spanish international down to a new deal with his contract set to expire in the summer.
Newcastle are also looking at the Rayo Vallecano boss as they consider a new manager this summer, with caretaker coach John Carver disappointing in his spell in charge and with the St James's Park outfit in terrible form.