The Spaniard has fallen out of favour at Stamford Bridge and lost his place in the side after the arrival of Edouard Mendy last summer.
The Blues have now also signed former Fulham shot-stopper Marcus Bettinelli, meaning that Kepa could fall further down the pecking order.
As a result, El Gol Digital claims that Chelsea will allow the 26-year-old to leave on loan and that they have let Valencia know about his availability.
The Spanish side could lose their number one Jasper Cillessen this summer, so would be interested in signing Kepa as a replacement.
The £71.6m transfer fee that Chelsea paid for Kepa in 2018 was a world record price for a goalkeeper, and he has since made 109 appearances for the Blues in all competitions. body check tags ::