Coquelin broke into Arsenal’s senior team in the 2014/15 campaign and he was a regular first-team fixture over the next three seasons, making 77 Premier League appearances.
The former France Under-21 international was seen by many as the first real replacement for Patrick Vieira but the 26-year-old has slipped down the pecking order this term, featuring in just two league matches.
Recent reports had suggested a January exit could be on the cards and it appears a move to Valencia is close to being completed in a deal believed to be worth around £12million.
It is claimed Coquelin, who was also a target for West Ham United, has agreed a four-and-a-half-year contract with the Spanish outfit and the move is expected to be announced in the next 24 hours.
A goal apiece from James Tomkins and Luka Milivojevic handed Crystal Palace a crucial 2-0 win over Huddersfield at the John Smith's Stadium on Saturday evening.
Manchester United bounced back from their Champions League exit as they beat Brighton 2-0 at Old Trafford on Saturday night to reach the FA Cup semi-finals.
Tottenham reached the FA Cup semi-finals after they cruised to a 3-0 victory over Swansea in their quarter-final clash at the Liberty Stadium on Saturday.
Premier League basement club West Brom squandered the lead as they suffered a 2-1 defeat to Bournemouth at the Vitality Stadium on Saturday.
Chesterfield boss Jack Lester felt his side were unlucky not to claim all three points after their 1-1 draw at Cheltenham.
New Swindon manager Phil Brown revelled in his side's victory at Cambridge in his first game in charge.