The highly rated youngster has been linked with Chelsea and Portsmouth recently.
“First of all, the rumours coming from England are wrong because he is not eligible for a work-permit as he has not played a sufficient number of international games to be allowed to play Premier League football,” agent Franjo Vranjkovic told Calcio Mercato.
“I can confirm Valencia and Palermo’s interest in the player, and they could make a £12 million January move for him.
“But I can hardly see clubs investing such amounts during the winter for a good, but young, player.
“I believe Valencia will turn to Hamburg’s Croatian attacker Ivica Olic.
“We are not going to accept a renewal to his [Nikola Kalinic’s] contract.”