Tottenham Hotspur have increased their offer from £17m to £20m for Valencia striker Roberto Soldado, according to the Daily Star.
Valencia are expected to reject the new bid and are adamant Soldado won't be sold for less than £30m, the striker's release clause.
Valencia recently missed out on the Champions League. They finished fifth last season in La Liga.
The Spanish club are reluctant to lose Soldado. They have offered him a pay rise but need a sponsor in order to fund the deal.
Spurs could double Soldado's wages with no problems. Valencia are in financial difficulty but are reluctant to lose the Spanish striker who is their best player and club captain. They have put Ever Banega, Aly Cissokho and Adil Rami up for sale instead of Soldado.
Tottenham are in dire need of striking reinforcements with current forwards Jermain Defoe and Emmanuel Adebayor misfiring last season. Adebayor is set to leave Spurs, with Besiktas close to striking a deal.
Spurs are also looking at other strikers this summer. Internacional's Leandro Damiao is a long time target but the London club look to have missed out on him with the club's president insisting he is staying.
Spurs are chasing Aston Villa's Christian Benteke and have been linked with Jackson Martinez and Nelson Oliviera.
Soldado, if signed, has all the ability to fire Tottenham into the Champions League. Soldado is tall, has great hold up play and has a proven goalscoring record. With Valencia needing money Spurs could land their man at the right price.
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