Catalans close on Che hit-man
The Catalan outfit have made no secret of their desire to recruit a hit-man and were strongly linked with Bolton's Mario Jardel in recent days.
A move for the Brazilian ultimately broke down and Juventus' Marcelo Zalayeta was rumoured to be the club's preferred alternative, but it now seems that Sanchez is boss Luis Fernandez's new priority.
The striker admitted he was attracted by the proposed switch, but insisted there were still some loose ends to tie up.
"It is a very interesting offer, but there are still some things to be sorted out," stated the 31-year-old.
"It's a difficult decision because it's not easy to leave Valencia and, if I do it, I want to be sure everything would go well."
The former Celta Vigo star is inevitably concerned about Espanyol's league predicament as they currently prop up La Primera, but his desire for first-team action should see him move on.
For their part, Valencia have confirmed they are happy to let the player leave with club president Jaime Orti stating he would do everything in his powers to facilitate the transfer.
"We will not put any impediment in the way of the footballer's desire," said Orti. "If all parties are happy then all the better."
Sanchez was recently linked with a move to Murcia, but Espanyol have now moved ahead of their fellow strugglers in the race for the experienced striker's signature.