Valencia have made a £12 million bid for Hamburg midfielder Rafael van der Vaart.

Hamburg directors agreed to meet with Valencia yesterday after pressure from Van der Vaart following Sunday's victory over Bayer Leverkusen. But while they listened to Valencia's improved offer, the Bundesliga club insisted the Dutchman was not for sale.

Valencia have informed agents that unless Hamburg soften their stance they will withdraw all interest in Van der Vaart by the close of business today.