Everton have taken Valencia on loan from West Ham this season, and there are suggestions that the move could be made permanent.
Valencia appeared to have little future at West Ham when he was sent out on loan.
And Bilic has suggested that it could be down to the player to decide whether he wants a chance to earn a place at the London Stadium again.
“We will see. He is our player and we will see what we want and what the player wants,” Bilic said, when asked if Valencia could leave West Ham for Everton this summer.
Valencia has had a fairly productive season at Everton, even if he hasn’t started particularly regularly.
The rapid forward has been a useful option to have from the bench for Ronald Koeman’s and has regularly been used as an impact substitute by the Toffees.
There are question marks over whether Everton would be willing to sign Valencia on a permanent deal, though.
The Toffees have big ambitions for the future, and Valencia may not have done enough to convince Koeman that he would be a good long-term addition.
Valencia has made 26 appearances in all competitions this season, and managed to score on three occasions.