Valencia are in talks with Juventus to sign Simone Zaza, according to the player's agent.
Valencia had wanted to add Zaza, 25, to their squad in the summer but failed to agree a deal with Juve and he instead joined West Ham on a one-year loan in August with an option to make the move permanent at the end of the season.
The Italy international has failed to score in 11 appearances for West Ham this term and is set to leave the club during the January transfer window.
Zaza's agent, Vincenzo Morabito, is quoted as saying by Superdeporte: "There is a negotiation in place, [but] I'm being cautious with respect to the discussion between the two clubs. Valencia is serious, it's an appealing destination in my opinion.
"With all my respect for West Ham, Valencia is something else. It's a club with a great history that has big aims to compete in the Champions League, something that the Londoners will not achieve."
West Ham are 11th in the Premier League and 15 points behind fourth-place Arsenal, with only the top four sides securing spots in the Champions League. Valencia, meanwhile, are 17th in La Liga and 17 points off the top four.
Morabito expects an outcome regarding Zaza's future to be reached soon.
"We are talking about a few days. A lot will depend on the player's wish," he said.
Morabito believes working under former Italy coach Cesare Prandelli at Valencia would be appealing for Zaza, who is under contract with Juve until June 2020.
"There is a guarantee which is Cesare Prandelli, an experienced coach and a great human being," he said. "He wants him [Zaza]."
Morabito added Valencia's offer is the only concrete deal the player has.
"I'm accustomed to talking about what is real and concrete as is Valencia CF's interest," he said.