The Argentine international midfielder has not improved his popularity at the Mestalla after being photographed wearing the strip of one of the club's La Liga rivals
The photo was allegedly taken during a family visit, with Banega pictured smiling alongside two of his relatives.
AS claims that Valencia have asked the holding midfielder to explain the image, as they are not amused that the 23-year-old has yet again made the headlines for all the wrong reasons.
Banega previously caught the attention of the crowd after an erotic video appeared online not long after his arrival at the Mestalla in 2008. Furthermore, he angered the club hierarchy last month when he wrote on Twitter that he would study offers from other clubs after the Copa America.
The former Boca Juniors ace has a contract until the summer of 2013 with Valencia, but Inter are reportedly ready to pay up to €9 million (£7.9m) for the player.