The 25-year-old is currently one of the Bees' longest-serving players having been at the West London outfit since January 2017.
Including a loan spell at the club during 2015-16, the Spaniard has made 159 starts and 90 substitute outings in all competitions, contributing 36 goals and 33 assists.
However, Canos is no longer regarded as a regular option by Thomas Frank, who has handed the playmaker just 73 minutes of Premier League football this season.
Since the resumption after the World Cup, Canos has made two substitute outings, but his contract situation makes it increasingly likely that he will depart Brentford before the end of the month.
Although Brentford possess the option to extend Canos's terms past 2023, they are yet to do so, something which will only lead to speculation regarding the player's future.
According to Super Deporte, Valencia are ready to capitalise on the situation by signing Canos for a cut-price fee.
The report suggests that a deal worth €2.5m (£2.21m) is on the table and has every chance of going through over the next two weeks.
Valencia are said to be eager to sign a new winger this month, while Canos is allegedly keen to take the opportunity to move to the Mestalla.
In recent days, it has been claimed that Valencia have been offered the chance to be reunited with Goncalo Guedes, a player who they sold to Wolverhampton Wanderers for £27.5m last summer.
However, Los Che may see better value for money in a deal for Canos, who is yet to ply his trade in his homeland as a professional.
Aside from representing Brentford, Canos has only made seven senior outings elsewhere, one for Liverpool and six for Norwich City.
Canos is capable of playing as a wing-back in Brentford's 3-5-2 formation or in the final third, but Frank has moved to strengthen in either position since the turn of the year.
Mads Bech Sorensen, who can play in the back three or on the left, has been recalled from his loan spell at Nice, while Kevin Schade is a notable addition from Freiburg in attack.