The Monaco striker could leave France on transfer deadline day, while the Spain international is set for a season's loan back to his home country with a view to a permanent move
Manchester City are working on a sensational late move for Radamel Falcao after agreeing a deal which could see Alvaro Negredo move to Valencia, Goal understands.
The Primera Division side are understood to have had an offer to take Negredo on a season-long loan with a view to a permanent €28 million transfer accepted on Sunday.
And Manuel Pellegrini's team are now keen to put in place a similar deal to sign Falcao from Monaco.
City's rivals, Manchester United, are also rumoured to be in the running for the Colombia international but the Premier League champions are hopeful of securing a deal.
Arsenal have also been linked to Falcao but Gunners boss Arsene Wenger has denied interest in the 28-year-old despite remaining active in the transfer market as the deadline approaches. Sevilla forward Carlos Bacca is his top target up front.
Negredo, meanwhile, is set for a swift return to Spain, having failed to displace Sergio Aguero and Edin Dzeko as the club's first-choice strikers.
Stevan Jovetic has also made a strong start to the season, while Negredo, who scored 23 goals in all competitions, is yet to feature in the new campaign due to injury.