The 25-year-old Argentine is thought to be ready to quit Los Che, and is keen to make a big move to the Premier League.
This has alerted a number of top English clubs, with United and Spurs thought to be at the front of the queue.
Valencia are far from keen to see him walk away, and want to keep him at the Mestalla until at least the summer.
David Moyes is willing to wait for Banega, and will sanction a move once the season has finished.
The Spaniards’ financial woes are well documented, which has led to the systematic sales of their best players throughout the past few years.
Despite having a £50m release clause in his contract, the midfielder is thought to be available for around £20m.
Although Tottenham are keen, it is thought that United are ahead of their London rivals in the race, with the player himself more attracted to Old Trafford than White Hart Lane.
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