Real Madrid have informed Raul de Tomas he can leave this month.
The centre-forward, reports AS, has been made available for loan this new season.
Rayo Vallecano have expressed interest, but Real Valladolid are now regarded as favourites to sign De Tomas. A further 12 offers have arrived, but Valladolid are now in advanced talks with the player's camp.
De Tomas spent last season on-loan at Rayo, where he was a goalscoring juggernaut.