Real Sociedad coach David Moyes is desperate to keep hold of goalkeeper Geronimo Rulli.
Super Deporte says Rulli, 23, is a top summer transfer target for Manchester City boss Manuel Pellegrini.
La Real have already rejected an offer from Valencia for the Argentine and are bracing themselves for a rival bid from City.
City do not have any non-EU spots available to take Rulli next season and would be happy to send him on-loan to Valencia.
Pellegrini is also open to discussing a loan return to La Real with Moyes if they're prepared to do a deal.