Marca says Valencia sports chief Cesar Sanchez met with Ceballos' agent just days after his appointment earlier this year. Los Che coach Alberto Celades is a fan and would welcome working with the player next season.
Betis are also keen, though no contact has been made with their former star.
Ceballos recently said: "I am very fond of Betis, I am very Bettic and in Seville where I could only play is with Betis. If I can play in Seville it is only in one team, the team that I love and that has given me the opportunity to be a footballer, which is Betis."