"I cannot confirm nor deny that Valencia is an option," a Madrid spokesman told Setanta Sports, "we are working in some ways on other players but I cannot reveal the names as it would be indiscreet."
Latics boss Steve Bruce has already commented that the Ecadorian winger will not be allowed to leave on the cheap with a fee of around £15 million being quoted.
Bruce said: "You know how highly I rate Antonio. When he is on form, he is a real handful for any defence.
"I've said it a few times that if David Bentley cost £15m then how much is Antonio worth? I don't want to put valuations on anybody and the last thing I want to do is sell people.
"We are on the verge of building a really good team and I don't want to dismantle that."
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