Valencia have told Manchester City that they can sign defender Nicolas Otamendi in a cut-price deal, according to the Daily Mirror.
The La Liga side are resigned to losing the 27-year-old this summer, after his agent informed Los Che that he wished to move on, the Mirror report. With that in mind, the club were willing to negotiate a deal with the Citizens, as long as it involved Eliaquim Mangala heading to Spain on loan.
However, Manuel Pellegrini has rejected that proposal as the Frenchman features heavily in his first-team plans this season, the Mirror claim. That has prompted Valencia to make an offer that City surely cannot refuse.
The Mirror report that the Mestalla side owe City £23.8m after promising to sign striker Alvaro Negredo this summer, meaning that they will accept a much lower price than the £35.5m required to trigger his release clause if it means that their debt to City is cleared.
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