The Spaniard's job at Vicarage Road has been one of intense speculation of late, with the Watford owners becoming increasingly concerned with the Hornets slump since the turn of the year.
The La Liga club have been without a manger since Gary Neville's sacking in March of this year, and the newspaper claim that they see Sanchez Flores as the ideal replacement. The Watford boss has already enjoyed a two year spell at the Mestalla, managing to achieve Champions League qualification in 2007.
Watford currently sit in 12th place in the Premier League, and combined with their impressive FA Cup run, it is hard to fathom how the manager's job can be the target of such speculation.
Following their FA Cup semi-final defeat, however, The Guardian reported how the Spaniard is under intense scrutiny from owner Gino Pozzo. Three wins in their last 17 games shows just how dramatic their fall from grace has been. In December they sat seventh in the Premier League after a home victory against Liverpool.
If Watford had started the season with three wins in their first 17 games, and rallied to achieve 41 points after 34 games, surely Sanchez Flores would be heralded for his work. It could be argued that the Hornets impressive early season form set the expectation levels of the board to a level that was never going to be attainable.
If Watford's poor run does indeed cost Sanchez Flores his job, then Valencia would seem like an ideally suited destination, for both parties.