Representatives of the Spanish club have met with the Premier League man’s agent and are said to be keen on securing his services for the end of the 2012/13 season.
The 21-year-old has fallen down the pecking order at Stamford Bridge, with manager Roberto Di Matteo preferring the contributions of John Obi Mikel and Ramires in the holding midfield positions.
The Spaniard enjoyed a run in the first-team last season as the club dealt with a mixture of injuries and poor form.
It’s believes that Valencia are keen to negotiate a clause in which a permanent deal would be a possibility at the end of the season. This could be a realistic request with his long-term future in London looking unclear.
Romeu only signed for the Blues 18 months ago, arriving from Barcelona with a reputation as one of the most promising midfielders of his generation.
Valencia were keen to sign him during this period, but the youngster elected to move to England.
Any permanent deal would hinge on the interest of Barca, who have a first refusal on his services due to the terms of his transfer in 2011.
Since the departure of Andre-Villas Boas, Romeu has made just six appearances in the Chelsea first-team.