Spanish attacker Ferran Torres has reportedly rejected Valencia's latest contract offer.
The 20-year-old has been in impressive form for Los Che during the 2019-20 campaign, contributing six goals and seven assists in 35 appearances in all competitions.
Barcelona continue to be strongly linked with the youngster, and it was recently reported that the Spanish champions believed that they could sign him in a €35m (£30.3m) deal this summer.
According to Goal.com, Torres has knocked back a second proposal from Valencia, who are fearful that the attacker will seek a move away from the Mestalla during this summer's transfer window.
The report claims that the latest offer 'included a substantial pay rise', but the club's academy product turned down the extension, fuelling the speculation surrounding a potential exit.
Liverpool and Real Madrid are also thought to be interested in a player whose current release clause is believed to stand in the region of €100m (£92.8m).
