The Ukraine international is considered to be one of his home nation’s best talents and has been a key player for Dynamo Kiev for some time.
However, the duo may be set for disappointment, with Valencia now in the running.
The Spaniards are far from being the financially stricken outfit they have been in recent times now, with new owner Peter Lim having injected vast amounts of cash at the Mestalla.
Yarmolenko has netted 15 goals for his side this season, and has been compared to Ukrainian hero Andriy Shevchenko.
Dynamo are likely to demand upwards of £20m to sell.