The 29-year-old former Real Madrid winger spent last season on loan at Malaga in La Liga and could reportedly leave Espanyol this summer.
Manager Mauricio Pocchetino does not hold Valdo in his future plans, and Scottish runners up Celtic and Premier League outfit Bolton are rumoured to be interested in his signature.
If he were to leave Espanyol, the Catalan club are likely to demand a fee of 300,000 euros for his services.
As well as an early spell for Real Madrid, Valdo, a former Spain Under-21 international, had a stint at Osasuna before moving to Catalonia.
Source: Team Talk
Source: Team Talk