Los Che have posted three successive third-placed finishes under the 40-year-old, but he has come under pressure in recent weeks, particularly after their Europa League exitValencia boss Unai Emery will reportedly take charge of Spartak Moscow at the end of the season.
The former Almeria boss has agreed terms on a two-year contract that will double his current wage at Mestalla and is expected to take up residence in the Russian capital in the middle of June, according to AS.
With one round of La Liga remaining, Los Che have already sealed their place in next season's Champions League but Emery has come in for stern criticism in recent months because of his side's stuttering form, as well as their Europa League semi-final exit at the hands of Atletico Madrid.
The 40-year-old Spaniard, who has now overseen three successive third-placed finishes in La Liga, admitted after Sunday's 1-0 victory over Villarreal that Spartak were one of the sides he was considering joining in the summer.
With Emery's move to Moscow now seemingly all but finalised, Valencia are expected to imminently announce Mauricio Pellegrino's appointment as their new coach.