Jose Luis Gaya has rejected a new contract offer from Valencia.

AS says Valencia have offered to extend his contract until 2021 (his current deal expires in 2018) and increase his release clause fee from €18m to €40m.

In addition, in the proposal which was rejected by Gayà's agents, his annual salary would have jumped from €250,000 to €1.5m.

Real Madrid and Barcelona are watching the Spain international.