However, the Spanish side insist they have not made any decisions on their future transfers at this stage.
A Spanish intermediary has claimed that he is in talks with Valencia over a possible move for Terry.
Club sources told Sky Sports: "We are working the market and we have received many names, Terry is on the list we have received via an agent, but nothing is decided."
Valencia sporting director Braulio Vazquez would not talk about specific names, but insisted any signing would have to be approved by coach Mauricio Pellegrino.
"The opinion of the coach is key for any reinforcements," he said.
Reports claim that Terry could be heading to La Mestalla as early as January.
FIFA agent Francois Gallardo claims he is helping with the deal and told Radio Intereconomia: "Valencia are negotiating, and I am involved in person, with the signing in the winter transfer market.
"The offer is on his table. The player is out of contract in June and will not renew there for several reasons at Chelsea and he wants to come to Spain.
"Terry has problems. They are insulting him and he is not taking it any more. He asked to leave, not us.
"It's real. This has been going on for 15 days and two meetings have already took place. The deal is already on his table - a year and a half plus one.
"I think he will accept."