Valencia hope to sign Mexican striker Javier Hernandez in the January transfer window and are prepared to pay full price to trigger his buy-out clause.
Spanish sport newspaper AS and TV broadcaster Fox Sports Mexico report that the Spanish club's chairman Peter Lim has put Chicharito at the centre of his plans to strengthen the squad.
The Spanish giants are third-bottom in La Liga and desperate to escape the relegation zone.
Lim is reported to have mentioned Chicarito when describing the club's ambitions in a pitch to new coach Cesare Prandelli.