The 23-year-old academy product has struggled for regular minutes at Mestalla this season, with captain José Luis Gayà the undisputed starter in his position. Vázquez is contracted to Valencia until 2028, which would likely require a loan deal rather than a permanent transfer — Espanyol are understood to be open to that structure.
The interest is being driven by a clear gap in Espanyol's squad. Their only current left-back option, Carlos Romero, is on loan from Villarreal and his deal expires in June. Coach Manolo González's side therefore need to reinforce the position this summer, and Vázquez fits the profile.
Vázquez came through the entire Valencia academy from the age of five and made his senior debut at 17. He is capable of operating further forward as a wide midfielder or winger as well as in his natural position. But in a team where Gayà remains first choice, his path to consistent minutes at Mestalla looks blocked regardless of what happens to Valencia this season.
Valencia are battling to avoid relegation, with their own defensive restructuring expected in the summer under Carlos Corberán. A loan exit for Vázquez would free up squad space and wages while keeping his long-term future tied to the club.
No formal offer has been made at this stage and the interest remains at an early level.