The Spanish publication claims that The Foxes want to sign the Belgium international ahead of next season and are willing to start negotiations with an offer in the region of £6.3 million.
Bakkali was widely regarded as one of the most exciting prospects in Dutch football, joining PSV Eindhoven from Standard Liege in 2008 and impressing the youth-team coaches immensely.
The 20-year-old became the youngest player in Dutch history to score a hat-trick in the Eredivisie, and after links with Atletico Madrid the talented winger eventually moved to Valencia last summer.
Despite possessing an abundance of potential, Bakkali has featured only sparingly for the La Liga club this season, making 16 league appearances and scoring just the one goal.
Still, as a full Belgium international with Champions League experience, Bakkali has plenty of time on his side to realise his potential and Leicester are seemingly keen to offer him a fresh start.
The Foxes have enjoyed an extraordinary season this term, and with Champions League qualification already assured they have that extra factor which could help them make some big signings this summer.
Bakkali, known for his wonderful close control and pace on the counter, would be ideal for Leicester and his attributes could see him flourish if given the chance to prove himself in the Premier League.