The Spanish club are looking to sign a striker in January and they have been linked with Juventus' Simone Zaza.
The Italian is enduring a miserable loan spell at West Ham and it could be cancelled, allowing him to find a new club during next month's transfer window.
That has alerted Valencia to Zaza's availability but, according to Super Deporte, they are also tracking Bojan.
The 26-year-old, who came through the ranks at Barcelona, has scored three goals in eight Premier League games this season.
As well as Valencia, there is also reported interest from Las Palmas and other sides in Spain.