Canos could be on the way out of Brentford following a lack of minutes in west London this season under manager Thomas Frank.
Valencia, who are managed by former Italy midfielder Gennaro Gattuso, would be prepared to pay around £2million for the 25-year-old.
Canos is out of contract at Brentford at the end of the season unless they opt to trigger their 12-month extension.
Gattuso has stated this week he is eager for multiple signings before the January market shuts.
