The Belgian forward, 25, joined the La Liga giants in the summer having spent most of last season at Borussia Dortmund.
But Batshuayi has played 20 times for Valencia this season, scoring just three times since joining from the Blues.
Now, reports in Spain claim the Spaniards are hoping to get rid of the Belgian forward in January.
The report, published by Marca, says Batshuayi has been "sentenced" and is likely to head back to England.
The former Marseille star hasn't lost his eye for goal, having scored four times in as many games for his country this season, including two against both Scotland and Iceland.
Yet Batshuayi is without a La Liga goal in nearly three months, having last found the net in the league against Celta Vigo in September.
The Belgian striker's future now looks uncertain, having scored just seven times in 32 Premier League games for Chelsea since his 2016 transfer.
But with Alvaro Morata seriously struggling for form ever since his £65million move in 2017, Batshuayi could be a surprise candidate to lead the line for Maurizio Sarri.
Olivier Giroud has also been hit-and-miss this season, but did score a sublime free-kick in the Europa League last week.
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