The 27-year-old was widely touted as a Real Madrid summer signing, after both clubs seemed to be close to reaching an agreement.

Villa has been long linked with a move away from Los Che, who have been suffering from a severe financial crisis for quite a while.

Reports suggested that Valencia are obliged to sell Villa in order to overcome their financial deficit, but the representative of the former Real Zaragoza ace said the beleaguered club are having second thoughts.

"Valencia have changed their minds and they are telling us they don't want to sell the player, as everyone knows, having talked with three or four top clubs," Villa's agent Tamargo was quoted Spanish media as saying by.

"They have put us through a situation that is, sadly, very unpleasant because this is no good for anyone."

Villa, who is now on international duty at the FIFA Confederations Cup, has also been linked with Premiership giants Chelsea and European champions Barcelona.