Cape Town - With two English Premiership giants waiting in the wings, Valencia are working on an improved offer for Paco Alcacer.
talkSport report that Spanish starlet Paco Alcacer is wanted by both Arsenal and Chelsea.
Alcacer, who made his debut for Spain last week, rose to fame after scoring against Macedonia on Monday.
Chelsea are thought to be seriously monitoring Alcacer's progress and Arsenal have also been linked with a move for the 21-year-old striker.
Valencia are now in a hurry to put together a much improved offer to retain the services of the player.
Reports suggest that the striker wants to include a £25 million buy-out clause in any new deal.