LaLiga side Valencia have reportedly 'reached an agreement' to sign Watford midfielder Etienne Capoue.
The Spanish side managed by former Arsenal coach Unai Emery have made a bright start to the season and currently sit inside the Champions League qualification spots in fourth.
Capoue, who joined Watford in 2015, is still seen as a valuable asset by the Hornets.
As reported by Marca, Villarreal are interested in signing Capoue but would favour a loan deal.
However, Watford would reportedly only consider a permanent transfer and not a loan move for a player who has made 11 appearances for them in the Championship so far this season.