Valencia are reportedly preparing to offer Jose Gaya a new contract, which will raise the left-back's buy-out clause.

It is understood that Arsenal are prepared to pay £15m for the 19-year-old, which would automatically allow Gaya to begin talks with the Premier League club.

However, according to AS, Valencia are preparing to hand the teenager a new contract, with a view to raising his buy-out clause to a significantly higher figure whilst also raising his base salary.

Gaya recently told reporters: "I'm relaxed, I'm in good hands and I have three years remaining on my contract.

"The fact that they're talking about my contract renewal is a symptom that comes from my good performances and that I should continue doing what I'm doing."

Gaya, who has been with Los Che since 2006, has been a regular with Valencia's first team this season.