The 24-year-old Ajax full-back was set for a summer switch to Spain, but Valencia sporting director Braulio Vazquez has revealed that talks between the two parties have now broken down.
"Given the intransigence of Ajax in the negotiations about his transfer price, we have practically ruled out the possibility of bringing him to Valencia for next season," he told local newspaper Las Provincias.
Ajax initially wanted around £15million for the Holland international, which was almost £10million more than the La Liga outfit were willing to pay for a player with less than 18 months left on his contract at the Amsterdam Arena.
That could pave way for Chelsea - who are currently without a manager following the sacking of Andre Villas-Boas last month - to push through a move to Stamford Bridge.
Blues owner Roman Abramovich is expected to continue the planned overhaul of the club's playing squad this summer, and is ready to push forward with negotiations for Van der Wiel while interim manager Roberto Di Matteo continues to temporarily look after first-team affairs.