The Spanish club are looking to bring in reinforcements for next season following their Copa del Rey victory over Barcelona, and they have identified Perez as a main target.
Perez is also waiting to learn if manager Rafa Benitez will sign a new Magpies contract - and is keen to see whether he himself will be offered an extension on improved terms.
It is understood that a number of clubs in Spain and Italy have expressed an interest in the forward, with Cope Radio reporting that Valencia are keen to bring Perez back to his home country after they qualified for next season's Champions League.
The report also goes on to claim that Perez has told his close friends he would be "delighted with the possibility" of moving to the Mestalla.
Perez, who netted 13 times during his most productive season for Newcastle so far, is understood to be disappointed at being overlooked by Spain head coach Luis Enrique for the upcoming Euro 2020 qualifiers against the Faroe Islands and Sweden.