The report claims that Lazio are also in for the Ecuador international, though their offer is only a loan bid while the Hammers are keen to recoup all of the £12 million they spent on the forward two years ago.
Valencia arrived in East London in the summer of 2014, joining from Mexican side Pachuca after netting an impressive 18 goals in 23 league matches.
Despite predominently playing as a forward, the 26-year-old often found himself playing in wide areas under former boss Sam Allardyce before spending most of last season on the peripherals of the first team.
Last season he made just 15 Premier League appearances, scoring a rather disappointing four goals.
It seems current West Ham boss Slaven Bilic doesn’t see him as a key figure for the upcoming campaign, though the East London club evidently aren’t willing to allow him to leave on the cheap.
Swansea, in the market for a new forward, have already placed a bid worth £10 million plus an extra £3 million in bonuses yet the report claims West Ham are holding out for better.
Selling to a Premier League rival may not be in West Ham’s best interests, therefore their decision to stall the Swans’ bid could also coincide with Lazio’s interest and the hope of selling him to the Serie A club.