Gaya's representatives had been braced for a reduced deal given Valencia's financial situation, and the 30-year-old had already signalled he was willing to take a significant pay cut to stay at Mestalla beyond his current contract, which runs until June 2027.
What the club put in front of him instead went well beyond what either side had discussed informally, according to sources close to the negotiations, leaving little immediate prospect of an agreement.
The proposal on the table would see Gaya sign for two further seasons at a fraction of his current salary, with part of this season's wages deferred over three years to help the club manage its financial fair play position. The gap between the two sides' expectations has left the sense inside Mestalla that the club may not be as committed to keeping its captain as its public position suggests, a situation that threatens to become uncomfortable with the new season just days away.
Sporting director Ron Gourlay and head coach Carlos Corberan had identified Gaya's renewal as one of the priorities of the summer, given his standing as one of the longest-serving players in the club's history. Talks are expected to continue in the coming weeks as Valencia looks to resolve the situation without losing a player who has made it clear he wants to see out his career at the club.
Away from the negotiating table, Valencia have moved to strengthen their goalkeeping options by agreeing a loan for Van Oevelen from Ipswich Town, who signed the Dutchman from Volendam this summer. The 22-year-old is due in Spain this week to undergo a medical and sign the loan contract, with Valencia paying a fee of around €500,000 for his services for the season.
Valencia had wanted to include a purchase option in the deal but were unable to persuade Ipswich to agree to one.
The Suffolk club see Van Oevelen as a goalkeeper with significant long-term potential and want him to return to Portman Road once his season-long loan concludes. Valencia had previously tracked Van Oevelen while he was still at Volendam, but were unable to meet the Dutch club's asking price at the time, and he ultimately joined Ipswich instead.
At Mestalla, Van Oevelen will compete with Stole Dimitrievski for the number one shirt, though the Macedonian currently holds the advantage having established himself as Corberan's preferred choice. Van Oevelen's arrival also paves the way for reserve goalkeeper Vicente Abril to join Nastic de Tarragona on loan in search of regular first-team football.