João Cancelo arrived at Manchester City from Juventus in August and as part of the deal, the Premier League winners allowed Danilo to move in the opposite direction.
The Portugal international has made four starts in the league as Pep Guardiola has preferred Kyle Walker ahead of him in the right-back position.
Mundo Deportivo claims the defender has emerged as a target for his former club in the winter market and Valencia manager Albert Celades could receive a Christmas gift with the potential addition of Cancelo to his squad for the second half of the season.
Valencia have made it to the Champions League knockout stages and in the league they are fighting to finish in the top four (eighth in the table and three points behind fourth placed Getafe) this season.
Los Ches owner Peter Lim is said to already be discussing signing Cancelo with his agent, Jorge Mendes. The La Liga side’s idea is to sign the defender on a loan deal in January. 
However, the report explains the operation doesn’t seem to be simple because Cancelo has not been discarded by Guardiola, even though he isn’t a regular at Manchester City.
In addition to this, the English champions won’t consider allowing Cancelo to leave in January without bringing in a replacement.
