English Premier League club Chelsea are reportedly on the verge of losing French midfielder Florent Malouda, after Spanish club Valencia emerged as serious contenders to sign the player.

A number of European clubs have been showing some interest in the winger, who has only 18 months left on his current contract. The player has been linked with a move away from the Premier League side for some months now. In fact, he was even reported to be close to a move away over the summer.

However, as it turns out, the player himself may be less than open to a move, even if the suitors are willing to match the club's asking price. The 31-year-old winger is apparently very settled in London and is even looking for a contract extension that will keep him at Stamford Bridge until after the 2014 World Cup.

The Frenchman has sparingly used so far this season, having been limited to mostly substitute appearances since Andre Villas-Boas took over the managerial position. In addition, he is not the only one who has been linked with a January exit - players like Didier Drogba, Salomon Kalou and Fernando Torres are also expected to leave.

Valencia is said to have prepared a fee of £6 million for the Frenchman, according to a Footybunker.com report.

Florent Johan Malouda, who arrived at Stamford Bridge in 2007 to play under former manager Jose Mourinho, has made 189 appearances for the club and scored 42 times.