Miroslav Klose is being linked with a move to Valencia after current side Bayern Munich confirmed his contract will not be extended.
The Germany striker is understood to have rejected Bayern's offer of a one-year deal with the option of an extra 12 months having spent most of last season on the bench.
German daily Bild report Klose wanted a two-year deal and was demanding a higher salary than Bayern were prepared to offer him
Bild claim Klose, who turns 33 on Thursday and scored 53 goals in 150 games for Bayern, will announce his switch from the Bundesliga to the Spanish league in the coming days.
The speculation of a transfer to Valencia comes after Bayern confirmed the striker was set to leave the club, where he has been since 2007.
The German outfit said in a brief statement: "Negotiations led to no agreement and Klose's contract running out on June 30, 2011 will not be extended."
A host of clubs - including Italy's Lazio, Premier League duo Everton and Norwich and Turkey's Trabzonspor - are reported to have also been interested in signing Klose.
His impending departure comes amid fierce competition for places up front at Bayern, with Germany striker Mario Gomez netting 28 league goals in 32 matches last season.
Croatia striker Ivica Olic and new-signing Nils Petersen will also be competing for starting places in the club's attack next season.