Alvaro Negredo could make a move to Valencia today, possibly opening up room for Manchester City to bring Radamel Falcao to the club.
City rate the Spanish striker at around £20m but Valencia are unlikely to afford that fee and could instead take the 29-year-old on loan for a season before paying the full fee next summer.
Valencia president Amadeo Salvo, director of football Francisco Rufete and Kim Koh, right-hand man of owner Peter Lim, met with Negredo's representatives in Madrid on Sunday night and are reported to have verbally agreed a deal; it is now up to the two clubs to agree on the terms of the transfer.
Negredo enjoyed a very good start to life at the Etihad before an injury interrupted his season and he lost form.
He is still injured and was left out of Manchester City's Champions League squad, reduced because of Financial Fair Play sanctions.
Negredo scored 23 goals in all competitions last season, but just nine of those came in the Premier League and he failed to score after returning from injury in February, a run of 16 appearances.
Falcao is being linked with several clubs today - City and Real Madrid are restricted because of Uefa's Financial Fair Play, while Arsenal, Manchester United and Juventus are all linked with moves for the Colombian hitman.
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