Chelsea have had a £32m bid rejected by Valencia for their Portugal international Andre Gomes, according to Sky sources.
It is understood Valencia are keen to drive up the fee for Gomes, due to a sell-on clause between themselves and his former club Benfica.
It is a stance that has left Valencia and Chelsea approximately £10m apart in their valuation of the player.
Sky Sports News HQ has been told Benfica are due to receive 25 per cent of any transfer fee Valencia receive for the player who only arrived at the Mestalla Stadium 12 months ago.
Valencia are believed to want to generate £32m from his sale for themselves, and are therefore holding out for approximately £42m.
According to Sky sources, Chelsea have not yet been prepared to increase their offer and are now considering their next move.
No other club have, so far, come close to matching that valuation, while Chelsea declined to comment when asked about the bid.
A central midfielder, who has represented his country from under-19 level through to the senior team, Gomes played 84 minutes of Portugal's 1-1 draw with Iceland on Tuesday.
Gomes was considered a key player for Valencia last season, playing 41 games in all competitions, scoring five goals and registering eight assists.
He featured for Valencia in the Champions League and Europa League, as well as being a regular starter in a difficult La Liga campaign which saw the side finish 12th.
Gomes spent the 2014-15 season on loan at Valencia from Benfica, before joining them on a permanent transfer in the summer of 2015 for a fee in the region of £12m.