The former Juventus man has been a complete flop at West Ham, failing to register much of an impact since moving to the London Stadium in August.
With reports from Italy suggesting that he could be swapped with Manolo Gabbiadini of Napoli rife, Spanish outlet SuperDeporte have confirmed that Valencia are also in the hunt for the 25-year-old.
His eight goals in a reserve role last season at Juventus were enough to parlay a €5 million loan move to London, with another €20 million being added on if he were to reach a certain number of appearances.
Instead of shining, the Italian has since failed to score in seven Premier League and two League Cup appearances.
Zaza shone at the 2016 European Championships, assisting Eder for Italy’s winner against Sweden and generally playing well.
Valencia would very much need someone of his calibre, none of their current crop netting more than three Liga BBVA goals so far. Cesare Prandelli’s side has lost three of its last five after a brief resurgence, and sits in 15th place.