The 25-year-old spent the second half of last season on loan to Newell's Old Boys in his native Argentina after falling out with the coaching staff at Valencia.
"We have had immense interest in the Argentinian international," Jonathan Hope told Sky Sports News.
"I can confirm I am personally speaking to two top clubs who have expressed real intent in capturing the player.
"He is a top quality player and he is still only 25 and I believe he would be a major success in the Premier League."
Banega joined Valencia from Boca Juniors in 2008.