Real Madrid coach Manuel Pellegrini is being linked with Unai Emery's job at Valencia.
Marca says despite Valencia close to clinching Champions League qualification, president Manuel Llorente wants to take the club in a new direction and plans to go forward without Emery.
Llorente has several names on his shortlist to replace Emery - including Pellegrini.
The Chilean is on a two-year deal at Real, but has come under huge pressure after their failures in the Champions League and Copa.