Valero has impressed for Villarreal since returning from West Brom.
Spurs boss Harry Redknapp is reportedly ready to make a £9million move for the 26-year-old midfielder.
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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.