Their chances took a huge knock when they were held to a 2-2 draw by Real Madrid last time out, while the visitors picked up their first victory in seven league games last time out to move them up to 13th spot in the La Liga table.
Sevilla quickly moved into the title race with a run of seven wins from eight league games, but their chances have since taken a huge hit having picked up just one point from their last two league outings.
Firstly, Los Palanganas' five-game winning run was broken by a narrow 1-0 defeat to Athletic Bilbao, as Inaki Williams netted the winner in the 90th minute to snatch all three points.
Julen Lopetegui then took his side to take on his former club and title rivals Real Madrid at the Estadio Alfredo Di Stefano, with the chance to go one point behind the defending champions and four points behind league leaders Atletico Madrid.
The visitors took the lead on two separate occasions through Fernando and an Ivan Rakitic penalty, and they looked set to see out a crucial 2-1 win until Toni Kroos's long-range effort was deflected off Eden Hazard past Bono in the Sevilla goal in the 94th minute, forcing Lopetegui's men to share the points.
As a result, Los Palanganas now sit six points off the top spot in fourth place with three games left to play, meaning they must win all three of their remaining matches to stand any chance of lifting the second La Liga title in their history, and the first since 1945.
They take on a Valencia side who will look to record back-to-back wins for the first time this season.
In the first game since Javi Gracia's dismissal at the beginning of May, Valencia broke a six-game winless run last time out with a dominant 3-0 home victory over Real Valladolid.
Maxi Gomez put his side two goals ahead with a brace, scoring quickly either side of half time, before Thierry Correia added a third goal in the dying minutes to cap off a great day at the office for Los Che.
Gracia left the club after a disappointing campaign, having won just eight of his 34 league games in charge this season.
That is a notable regression on last season's ninth-placed finish, which followed consecutive fourth-placed finishes in La Liga.
With an outside chance of finishing in the top half, Los Che will look to end the season in a much stronger way to build momentum going into next campaign, starting with what would be an impressive victory on the road on Wednesday.
Lopetegui comes into this game with a full Sevilla squad available to choose from, with no major injury concerns for the fourth-placed side.
Frontman Youssef En-Nesyri should come back into the starting lineup on Wednesday, after he was reduced to a substitute appearance last time out.
The Moroccan international has been a key man for Lopetegui's side this season, firing them into a comfortable top-four position with 17 goals in 35 league appearances.
His return could see Papu Gomez moved back into the midfield three alongside Fernando and Ivan Rakitic, after both players found the net in the recent draw with Real Madrid.
With no fresh selection concerns, he is expected to stick with a similar lineup to the one that picked up a dominant 3-0 win last time out.
Maxi Gomez will lead the line, having taken his tally to seven goals for the season with a brace in that victory over Real Valladolid.
Sevilla possible starting lineup:
Bono; Navas, Kounde, Carlos, Acuna; Rakitic, Gomez, Fernando; Suso, En-Nesyri, Ocampos
Valencia possible starting lineup:
Cillessen; Gabriel, Guillamon, Diakhaby; Correia, Soler, Wass, Gaya; Lee, Gomez, Guedes
We say: Sevilla 1-1 Valencia
Sevilla have hit a slightly tougher patch in the last two weeks, while Valencia have looked refreshed under the new management of Voro, and we see the sides sharing the points as a result.
Los Che will be desperate not to finish the season in the same manner that they played in for the majority of the campaign, and we see them stepping up to pick up a solid result on the road on Wednesday against a Sevilla side who will be dejected following Real Madrid's last-gasp equaliser last time out.