Valencia have reportedly lodged a £12 million offer to sign Arsenal midfielder Francis Coquelin, but West Ham United and Crystal Palace remain interested as the Gunners are "ready to sell" in January.
The Mirror's John Cross reported Los Che have made the offer, and Coquelin is looking to move this month in a bid to secure more regular first-team football.
The recent return to form of Jack Wilshere has intensified the competition for a place in the midfield at the Emirates Stadium, further limiting Coquelin's chances of a starting spot in north London.