The Ecuadorian ace has been linked up with both clubs for a while, and the duo have made tangible offers to acquire his services.

United manager Alex Ferguson reportedly admires Valencia's capabilities, and is seeking to sign him after Portuguese wide man Nani failed to impress last season.

On the other hand, Real are aiming to beef up their squad ahead of the upcoming season in order to keep up with their arch-rivals Barcelona, who claimed a treble of trophies following a terrific run.

Los Merengues' newly-appointed chairman Florentino Perez has vowed to bring in a host of high-profile stars this summer and lead a turnaround in the club's fortunes.

Valencia joined Wigan from Recreativo de Huelva in 2006 on a loan basis, and the deal was made permanent in the winter of 2008.

The 23-year-old has been one of the Latics' best players last term, and he's expected to receive more bids this summer.