Patrick Kluivert is in talks with PSV Eindhoven about a return to his homeland as the Dutch outfit step-up their search for Jan Vennegoor of Hesselink's replacement.
With Vennegoor of Hesselink having moved to Scottish champions Celtic, PSV are eager to bring in an established name ahead of Thursday's transfer deadline.
Kluivert has been told he can leave Valencia on a free transfer after failing to ever find his best form at the Mestalla since moving to Spain from Newcastle.
While Kluivert's signature would be seen as somewhat of a coup, PSV chairman Rob Westerhof admits he still holds serious concerns about signing the oft-injured striker.
"The Patrick Kluivert of eight or ten years ago, is different than the Patrick Kluivert of today," Westerhof told De Telegraaf.
"He hasn't played for two years. Considering his injuries he has got a high risk profile."
Kluivert's agent Paul Foortse admits talks are on-going, but he is also keen to emphasise that a deal is still some way from being struck.
"For the transfer to be complete, there will still have to come a solution," he concluded.
Meanwhile, Westerhof has confirmed that he will resign from his role at the club in October after conceding the chairmanship took up too much of his time.
Westerhof assumed the reins two years' ago from the popular Harry van Raaij, and has in his time at the helm overseen a successful spell in the club's history.
In the interim period before appointing a permanent successor, Frits Schuitema will act as chairman in a caretaker capacity.