According to talkSPORT, Manchester United and Spurs are two of a number of clubs tracking the 25-year-old midfielder.
United boss David Moyes was thought to be interested in the Argentina international over the summer when he was weighing up his midfield options.
Ander Herrera, Cesc Fabregas and Sami Khedira were also thought to be La Liga transfer targets for the Old Trafford club, but they eventually stayed closer to home with the deadline day capture of Marouane Fellaini from Everton.
As well as United and Spurs, Southampton and Everton have also been linked with Banega.
And the report claims Moyes and Villas-Boas could be tempted to renew their interest in the January transfer window after the player's agent, Marcelo Simonian, opened the door to a potential switch.
"I have not met the president of Valencia," Simonian told Tuttojuve.com. "There are several European teams interested in him, but first I will have to inform the owner of the Spanish club and then Ever.
"At the moment I do not know how much he would cost."
A 22-cap Argentina international, Banega is keen to earn his place in the national team squad for the upcoming World Cup on South American soil next summer.
United and Spurs are expected to be busy in the winter window.