Real have tabled a £12m offer for the Eduador international, but Wigan are in a position of strength and will not be selling for anything less than what they feel the player is worth.
Manager Steve Bruce has already seen Wilson Palacios and Emile Heskey leave the JJB Stadium this month, and is loathe to lose any more key players.
Palacios and Heskey have swelled the Wigan coffers to the tune of £17.5m, but Valencia is one of the club's most valuable assets, and as such Bruce does not want him to leave.
An added complication to any potential deal with Real is that Wigan will owe Valencia's former club, Villarreal, a sizeable slice of any profit made, having originally signed him for £5m.
Although settled in the north west, Valencia is reportedly interested in playing for Real, with the possibility of Champions League football a key selling point.
The Ecuadorian missed Wigan's 1-1 draw against Liverpool last night with a hamstring problem, although he may end up playing against Rafael Benitez's side for Real in the Champions League on Feb 25 if a deal can be struck.