The Serie A side are reportedly keen on the Ecuador striker.
The Hammers are looking to add a striker to their squad this summer and have targeted several European forwards.
Should one arrive at the club there is every chance that one of their current forwards could depart the Olympic Stadium.
Former manager Sam Allardyce has already seen a bid for Diafra Sakho rejected and, according to Gianluca di Marzio, Serie A side Lazio are keen on Valencia.
They report that the two clubs have already met to negotiate a potential move for the striker. According to the report, they discussed a £1.6 million loan deal that will include an obligation to buy for £10.9 million.
It now remains to be seen whether the Hammers are willing to accept that bid, although recent reports would suggest that it will be rejected.
Di Marzio had previously reported that Slaven Bilic’s side would reject any loan bid, as they want straight up cash so that they can push forward with a move for Liverpool’s Christian Benteke.