Valdes recently returned to Man United after joining Standard Liege on loan in January.
The Spaniard impressed at Standard, winning the Belgian Cup in March, but the club decided to give their younger players more opportunities as the league season draws to a close.
Espanyol have now set their sights on securing a deal for Valdes and the player is reportedly keen on a move.
Valdes’ spell at United has gone down as a resounding failure for all parties involved.
The former Barcelona keeper was considered to be one of the brightest talents of his generation but a knee injury kept him out of action for a significant amount of time in 2014 and he left the Catalan club shortly afterwards.
Louis van Gaal offered Valdes a chance to revive his career at United when he signed him on a free transfer in 2015 but the excellent form of David de Gea meant the 34-year-old had little chance of getting in the team.
Van Gaal and Valdes fell out after the latter refused to play for the U21 side and he has been in exile at Old Trafford ever since. Hopefully he gets a chance to go out on a high at Espanyol if a move does come off.