Valencia are tracking Malaga midfielder Ignacio Camacho.
AS says Valencia made an attempt for Camacho last month as the sought to sell Enzo Perez.
Valencia were willing to pay €10 million for the midfielder, plus a further €2.5 million in bonuses.
Malaga chief Francesc Arnau confirmed: "There was a conversation between sports directors of Malaga and Valencia. I spoke with Alesanco. There was a conversation that did not end in an official document.
"It is important that Camacho is here, in an exceptional line, he is involved."