Phil Neville is in talks with Valencia but has not been appointed despite the Spanish club claiming the former England defender is their new assistant manager.
Valencia announced the appointment of Neville, 38, on their official website.
However, Neville has told the BBC that while talks are ongoing, there is a way to go before any deal is done.
Neville was a coach at Manchester United under David Moyes and has been working as a television pundit.
He would replace Scot Ian Cathro, who is set to join Steve McClaren's backroom staff at Newcastle.
Valencia boss Nuno has praised Neville's "extensive experience" and "knowledge", adding that he will fit into the team's philosophy.
Should the appointment go ahead, it would mean Neville, who earned 59 England caps, will this season come up against Moyes, who was sacked as Manchester United boss in 2014, with the former Everton manager currently in charge of Real Sociedad.
Coming through the club's youth system, Neville spent two decades at Manchester United after making his debut in 1995, winning six Premier League titles, three FA Cups and the Champions League in 1999 with the Red Devils before joining Everton in 2005.
Neville made over 300 appearances for the Toffees as a full-back and in midfield, and captained the club before retiring in 2013 and took up a coaching position at Manchester United before leaving last summer and becoming a pundit. Neville also had a coaching role with the England Under-21s.
Valencia owner Peter Lim has a stake in Salford City, the non-league club co-owned by Neville with his former Manchester United team-mates Ryan Giggs, Gary Neville and Paul Scholes.
Valencia finished fourth in La Liga last season and will take part in qualifying for this season's Champions League.