The Euro 2008 top-scorer only agreed a new six-year contract with the club last summer, due to expire in 2014.
However, the Mestalla outfit's desperate financial plight has led to speculation that both Villa and fellow star attraction David Silva could soon be on their way out of the club to bring in some badly needed funds.
And the 2004 UEFA Cup winners and 1999 and 2000 Champions League runners-up have revealed they have held talks with Manchester City, fresh from seeing a £100 million bid for AC Milan midfielder Kaka eventually fall through, about a deal for their talisman.
However, the Blues reacted unfavourably to Valencia's valuation of the player.
"Yes, it's true but they didn't make us any offer," said Valencia vice-president Fernando Gomez when asked if the club had met representatives from City.
"The president [Vicente Soriano] asked for a significant amount and they didn't agree.
"I think they [Villa and Silva] are two very important players, with a lot of quality and, if we sell them, we are not going to sell them on the cheap.
"I would like them both to stay. But we cannot discard anything and any of them could leave at the end of the season."
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