Soldado has a release clause of €30 million, which Valencia insist the Premier League side must meet.
Tottenham have made an offer of just under that figure, but Cadena Ser report that talks are ongoing and the clubs are close to agreeing a price.
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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.