Valencia and Real Betis reportedly emerge as potential destinations for Wolverhampton Wanderers winger Goncalo Guedes.
As recently as August, Wolves paid £27.5m to sign the Portugal international from the former of those clubs, handing him a five-year contract.
However, Guedes has, so far, failed to live up to his price tag, contributing just one goal and two assists from his 12 starts and six substitute outings in all competitions.
After being withdrawn at half time of the EFL Cup quarter-final with Nottingham Forest last week, the 26-year-old was a notable absentee from the squad for the Premier League fixture with West Ham United three days later.
Head coach Julen Lopetegui has acknowledged that there was no injury to Guedes, stating that it had been a "tactical decision".
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With Wolves having already signed Matheus Cunha and said to be close to securing the services of Pablo Sarabia from Paris Saint-Germain, the West Midlands outfit are expected to part ways with a number of their squad players.
Despite his fee, Guedes now falls into that category, and it appears that a transfer away from Molineux before the end of the month is becoming increasingly likely.
According to journalist Hector Gomez, Guedes has asked his agent Jorge Mendes to engineer a return to Valencia.
With Los Che having to cash in on Guedes in the summer, a permanent transfer is realistically out of the question, and it is unclear whether Valencia would be open to a reunion on a loan basis.
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However, Guedes is regarded as one of the club's best players over the past decade, contributing 36 goals and 30 assists from his 177 matches in all competitions.
If Valencia does not become an option for Guedes, Radio Marca suggests that fellow Spanish side Betis are an alternative destination.
The outlet says that Guedes has been offered to Los Verdiblancos, who currently sit in sixth position in the La Liga standings and are in the last 16 of the Europa League.
Guedes's future could become more clear depending on whether he returns to the Wolves squad for Tuesday's FA Cup third-round replay with Liverpool.
Darren Plant
