Aston Villa and Blackburn are reportedly interested in signing Serbian striker Nikola Zigic from Valencia.
The giant front man switched to Valencia in a £13.5million move back in August 2007 but has been deemed surplus to requirements at the Mestalla.
He returned to his former club Racing Santandar for six months on loan in January where he enjoyed a successful spell.
Racing are also thought to be interested in signing the player permanently, as are Espanyol, but Valencia want the highest price for Zigic, which means the English clubs are favourites to sign him.
The club's sporting director Fernando Gomez said: "We have decided to sell but at the right price in the market.
"We have paid a lot of money for Zigic and it is necessary to recuperate a (sizeable) part."
Sources close to Valencia say they will not accept an offer of less than €10million for the player.
His agent Milan Calasan confirmed he has received offers and he is planning to fly to Valencia in the coming days to hold talks with the club.
"Valencia have the decision in their hands," he said.
Zigic himself has previously said he would like to move to a UEFA Champions League side if he is not wanted at Valencia or, failing that, he would be happy to go back to Racing.
He also believes he could do a job in the Premier League, saying: "I want a speedy solution to avoid the uncertainty of last summer.
"At Racing Santander I have demonstrated that I score goals in La Liga and it is possible to repeat the experience in the Premier League."