Valencia are planning a mass clearout of their first-team squad this summer to reduce their operating budget by 40 percent ahead of next season.
A report in Marca claims that Los Che are planning to have an annual spend of between €100m-120m next season, a huge reduction on their current spend of €183.7m for the season.
The decision has been taken because Valencia have not only missed out on Champions League qualification but European football altogether, coupled with the financial ramifications of the coronavirus pandemic.
Dani Parejo (pictured), the club’s captain, was one of 12 first-team players at the club who were told they would be allowed to move clubs this summer amid a huge squad clearout at Los Che.
Parejo, 31, joined Valencia from Getafe in 2011 in a €6m deal and he has amassed 384 appearances for the club, netting 64 goals in that timeframe and becoming renowned as a set-piece expert.
Jasper Cillessen, Eliaquim Mangala, Mouctar Diakhaby, Geoffrey Kondogbia, Ferran Torres, Francis Coquelin, Goncalo Guedes, Ruben Sobrino, Kevin Gameiro and Rodrigo Moreno are among the other players likely to exit Valencia this summer.