The La Liga side are looking at the Genoa winger as a potential summer recruit.
This week it has been reported that Liverpool are ready to snap up Denis Cheryshev from Real Madrid. It was reported by talkSPORT that the deal to sign the player could be worth up to £14 million.
The Russian has caught the eye with excellent performances at Villarreal on loan last season, scoring seven goals in 40 appearances for the club.
They would have loved to have him back, but with Liverpool lurking he looks unlikely to play for the Yellow Submarine next term.
Villarreal are therefore looking for replacements, with a Tottenham Hotspur flop seemingly high on their agenda.
Iago Falque was a hot prospect at Tottenham Hotspur. The former Barcelona and Juventus talent was tipped for big things in the future.
But he struggled with injury problems at White Hart Lane and had relatively forgetful campaigns with Southampton and Almeria before a more productive time at Rayo Vallecano last season.
Last summer he joined Genoa in Italy and after initial struggles he has recently discovered his form for the club - scoring 13 goals in 32 appearances this season - including strikes against the likes of AC Milan and Napoli.
Now, according to Mundo Deportivo among others, Falque is the man Villarreal want to replace the Liverpool wide-target this summer.