According to Cadena SER, Celta Vigo sporting director Marco Garces has made renewed contact with Valencia chief executive Ron Gourlay to formally ask about a price for the 23-year-old.
Celta are reportedly prepared to include a cash offer for Vazquez, and have also considered offering centre-back Unai Nunez as part of any package.
Nunez, who is owned by Celta, has spent this season on loan at Mestalla, giving Valencia a reason to consider keeping him on beyond the current arrangement.
Despite Celta's willingness to negotiate, Valencia's leadership has made clear that, for now, they do not view selling Vazquez as something they are prepared to consider.
Vazquez currently finds himself behind club captain Jose Luis Gaya in Valencia's pecking order at left-back, but has the full backing of head coach Carlos Corberan, who values the versatility and energy the 23-year-old brings to the role.
Vazquez has made 14 appearances in LaLiga this season, contributing one assist and showing the defensive solidity that has caught Celta's attention as they search for reinforcements on that side of the pitch.
The Vigo club's interest comes amid a broader summer rebuild, with Celta needing to balance their books before completing further incoming transfers.
According to reports from Spain, Celta need to generate around €16 million through player sales to maintain financial equilibrium, with midfielder Ilaix Moriba among those whose future could be moved on to help fund their other targets.
Garces has also been working on deals for Morocco international Azzedine Ounahi and free agent centre-back Mika Marmol, signalling a summer of significant turnover at Balaidos as Celta look to reshape multiple positions across the squad.
Espanyol have also been credited with interest in Vazquez, according to Italian journalist Matteo Moretto, who reports that sporting director Monchi is considering the player as part of his own restructuring plans in Barcelona.
That additional competition for Vazquez's signature could complicate matters for Celta, who already face a difficult negotiation given Valencia's reluctance to sell and the player's contract running until 2028.
Vazquez's current market value is estimated at between €3 million and €4 million, a modest figure that nonetheless requires Valencia's agreement before any transfer can move forward.
For now, Valencia's stance leaves Celta with work still to do. Garces will need either an improved offer or a change of heart in Mestalla before Vigo's interest in Vazquez can progress beyond conversation and into a concrete deal.