The Spanish stopper arrived at Stamford Bridge with a big reputation, but he has failed to live up to the hype.
Arrizabalaga joined Chelsea from Athletic Bilbao for £71 million in 2018 and was tipped to backstop the Blues to glory.
However, his erratic performances led to him being dropped by manager Frank Lampard, sparking talk that he will be sold this summer.
Chelsea have been linked with numerous goalkeepers over the past few weeks, with Ajax star Andre Onana believed to be their number one target.
With Chelsea seemingly willing to offload Arrizabalaga, Spanish media outlet Sport has claimed that Valencia are interested in securing his services.