The 25-year-old became the world's most expensive goalkeeper when he joined Chelsea from Athletic Bilbao in 2018, but the Spain international has largely struggled to make his mark at Stamford Bridge.
Kepa spent some time out of the first XI before the Premier League was postponed in March, with experienced Argentine Willy Caballero starting four of the team's last five top-flight matches.
The Blues are thought to be considering cutting their losses on the Spaniard during this summer's transfer window, and according to Mundo Deportivo, Valencia are showing an interest.
The report claims that Los Che are in the market for a replacement for Jasper Cillessen and view Kepa as the ideal player to join the club ahead of the 2020-21 campaign.
The former Bilbao youngster has only kept six clean sheets in 25 Premier League outings this term.