The central midfield was said to be 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.
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The fresh report claims the Yellow Submarine are Parejo’s preferred destination this summer and negotiations have opened today with the aim of a speedy resolution.
It is claimed that Villarreal are confident of concluding a deal and believe the central midfielder’s willingness to join them alongside Valencia’s enthusiasm for a sale make the conditions favourable.
It comes on the same day of reports that Villarreal will sign Real Madrid teen Takefusa Kubo on a loan deal, with the club keen to bolster their midfield following the exits of Santi Cazorla and Bruno Soriano this summer.
Parejo, 31, joined Valencia from Getafe in 2011 in a €6m deal and he has amassed 383 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, Goncalo Guedes, Ruben Sobrino, Kevin Gameiro and Rodrigo Moreno are among the other players said to be allowed to leave the Mestalla this summer.