It is understood that the Stamford Bridge outfit are willing to allow the out of favour man to go out on loan and gain the required experience to push for a regular starting spot.
The former Barcelona man has been linked with a move to Celta Vigo, but Los Che have also joined the race to secure his services.
Canales played alongside the 21-year-old at youth level for Spain and believes he would be a welcome addition to the side.
Canales said: "I have spoken with Oriol and I say sincerely that he is very taken by the option of Valencia. "This squad is perfect for a player to progress."
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