Valencia are eyeing Everton centre-half Yerry Mina.
Mina, who moved to Goodison Park from Barcelona in 2018, could be the subject of a £15m bid from the LaLiga side in the next few weeks, says The Sun.
However, should the 25-year-old return to Spain, Carlo Ancelotti's side will look to sign City centre back Stones, who moved to Manchester from the Toffees for £50m back in 2016.
The report details that Ancelotti could be willing to sell Mina, particularly as the Everton boss wants to sign a defender this summer.
Sources say Stones, who is behind Aymeric Laporte and currently Eric Garcia in the pecking order at the Etihad, is unhappy with his lack of first-team football under Pep Guardiola.