Valencia are reportedly keen to offload Joao Cancelo in the summer
Yahoo Sport claimed last month that Cancelo was one of Antonio Conte's top transfer targets at Chelsea.
The Blues reportedly tried to sign the right-back in January but were knocked back by the struggling La Liga side.
However, Spanish newspaper Deporte Valenciano claim Valencia are now desperate to sell the 22-year-old.
Joao Cancelo is said to be one of Antonio Conte's top transfer targets
The report says the Spanish side need to offload players to be in keeping with Financial Fair Play rules for next season.
And the club hope they can bring in up to £26million with the sale of Cancelo which has been agreed by owner Peter Lim and agent Jorge Mendes.
Cancelo would be a good fit for Conte's 3-4-3 formation as he often operates as a right-winger.
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And the Portugal international would be a natural replacement for Branislav Ivanovic who joined Zenit St Petersburg in January.
Besides Chelsea, the defender has also been on Barcelona's radar but their interest is said to have cooled.
The departure of manager Luis Enrique in the summer means they have shelved a number of their long-term transfer targets.