Arsenal and Chelsea fight for Miguel

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Both London clubs are short of cover in defence and have identified the 27-year-old as the man to provide increased competition for places.

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Highly-rated: Valencia's Portuguese defender Miguel

The price tag is likely to worry both clubs, with Blues boss Jose Mourinho conducting summer dealings on a budget and Gunners manager Arsene Wenger claiming he will only spend big money on the very biggest names.

Miguel's agent, Paulo Barbosa said: "Miguel has some big offers, including some from England, to leave Valencia this summer, but it depends on the club.

"The offers are from great clubs, but there is a big problem that makes any deal difficult and that is the high price that Valencia have demanded."

Meanwhile Jose Antonio Reyes has once again pleaded with Real Madrid to make his loan deal permanent to avoid having to return to Arsenal this summer.

The winger came off the bench to score twice on Sunday to fire Madrid to their first domestic title in four years and has made no secret of his desire to remain in Spain.

Reyes, who largely disappointed in England after his £18m move from Seville, said: "I made Madrid champions and I'm so happy about that because that is the reason I came to the club.

"I hope they aren't my last goals for Real Madrid. Maybe what has happened will convince the club they want to keep me. Sunday was one of the best days of my life."