The Brazilian joined Arsenal from Villarreal for £15m in 2015 but has failed to hold down a regular place for the Premier League outfit.
Los Che Coach Marcelino Garcia Toral is reportedly eager to be reunited with the central defender whom he managed during the pair’s stint at Villarreal.
The 26-year-old made only 15 league starts for The Gunners last season and faces stiff competition from Shkodran Mustafi, Laurent Koscielny, Per Mertesacker and Rob Holding.
Valencia’s twitter account posted a teaser video on Wednesday evening to seemingly confirm a new signing was close, although no hints were given as to who the signing would be.
The arrivals of Inter duo Geoffrey Kondogbia and Jeison Murillo are also said to be close.