The Premier League pair have been tracking the Frenchman for some time, and were both linked with move for his signature over the summer.
Despite their financial woes, Valencia held onto the 27-year-old – who has been a key part of their first-team since his arrival in 2011.
However, Los Che have run out of patience with Rami following an outburst targeted at manager Miroslav Dukic.
The centre-back openly criticised his coach’s management style and question the decisions to sell star names such as Roberto Soldado, David Albelda and Alberto Costa over the summer.
His swipe at the club is believed to have caused Valencia to transfer list the defender after fining him for his actions.
Rami is valued at around £8m, and should that figure be met there will be little resistance from the Spaniards.
City and Arsenal could both take advantage of the situation, with Manuel Pellegrini and Arsene Wenger both keen to strengthen their backlines when the transfer window re-opens.
Should Arsenal or Manchester City take advantage of Adil Rami’s situation?
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