Last week, the Court of Arbitration for Sport (CAS) confirmed Chelsea have lodged an appeal against their registration ban.
FIFA has banned the Blues from registering new players for the next two transfer windows.
It hasn’t stopped the Europa League winners from making proposals to players who are currently tied to other clubs.
Plaza Deportiva claims Valencia have received an offer from the west London club for Gonçalo Guedes through his agent Jorge Mendes.
Chelsea allowed Eden Hazard to join Real Madrid and they are in the market to bring in a replacement for the Belgian.
They’ve already agreed a deal with Borussia Dortmund for Christian Pulisic, but the 20-year-old’s preferred position is on the right wing, meaning they still need to sign a player who can fill the void left by Hazard’s departure.
After consulting with Mendes, the 22-year-old has emerged as the most interesting option for the Premier League side to replace Hazard.
The report explains the La Liga side received an offer close to €70m from Chelsea, but Valencia turned it down since he has a long-term contact and a €300m release clause.
Meanwhile, Guedes scored the winner for Portugal against the Netherlands in the UEFA Nations League final on Sunday.