Both London clubs are interested in signing Alcacer.
Valencia striker Paco Alcacer has been attracting plenty of interest after his recent performances and Premier League duo Arsenal and Chelsea are both looking to snap the youngster up, according to talkSPORT.
The 21-year-old has shot to fame in recent times and was handed his first Spain cap last week in the international friendly loss to France, before scoring his first goal for the nation during the 5-1 Euro 2016 qualifying win over Macedonia on Monday.
This has understandably attracted great interest from across Europe and Los Che are quickly putting together a new contract for the forward to convince him to stay at the Mestalla Stadium.
Both the Gunners and the Blues would like to bring Alcacer to England, whilst Barcelona have been keeping tabs on the Spaniard from as far back as 2011.
If Valencia can tie down the attacker to a new deal it’s understood to reward him with a significant pay rise and put a £25m release clause in the contract.
Alcacer is a product of the youth system at the Mestalla, breaking into the first team in 2011 before spending a season on-loan with Getafe in 2012/13.
To date the Spanish ace has played 43 times for Nuno Espirito Santo’s side in all competitions and scored 15 goals.
READ MORE: Arsenal transfer news.