With Brazilian striker Sonny Anderson set to leave Stade Gerland, the French champions are in need of a new striker.
Lyon have targeted Norwegian marksman Carew after losing out on Didier Drogba, while Bordeaux are reluctant to let Pauleta join a French rival.
Valencia value Carew at around ‚é¼16 million and as Lyon do not have the funds available, they have proposed a swap deal by offering highly-rated Sidney Govou in return for Carew, and French defender Anthony Reveillere.
The two clubs are said to have already met to discuss the deal but, although the Spaniards are tempted by Govou, they are looking to cash-in on Carew by selling him to England.
Valencia are also said to be interested in Sylvain Wiltord, and would prefer to finance a move for the Arsenal man by selling Carew.
Lyon are still pushing ahead and have planned another meeting with Valencia to try and persuade them to accept the deal.
