Journalist Matteo Moretto said on Radio MARCA's Directo Marca Valencia that the former Mexico coach has been chosen after Ernesto Valverde turned the job down, with talks now well advanced.
"As of today, Aguirre is the chosen one," Moretto said.
"Pending the completion of the paperwork, he is the coach who has it all agreed verbally with Valencia."
He also suggested the situation has moved beyond the usual stage of contacts: "There is something more than an 'advanced thing'."
The vacancy was created on 13 September, when Valencia dismissed Carlos CorberĂĄn following a 1-0 defeat at Sevilla. The club had taken one point from their first five LaLiga games, a home draw with Celta Vigo followed by four straight defeats, scoring once and conceding ten, and sit bottom of the table.
CorberĂĄn had signed a contract extension to 2028 only two months earlier, having arrived in December 2024 and steered Valencia clear of relegation in his first season.
His departure came alongside that of football chief executive Ron Gourlay, part of a wider restructuring of the sporting area, now led by Braulio VĂĄzquez, which the club said was intended to begin a new stage in the structure and management of its football department. Gourlay had been one of the main backers of CorberĂĄn's renewal during the summer. Ăscar SĂĄnchez, who coaches the club's Mestalla reserve side, has been in interim charge of the first team.
Aguirre, 67, would arrive with plenty of experience of Spanish football. He has managed Osasuna, Atlético de Madrid, Zaragoza, Espanyol, Leganés and Mallorca, which was his most recent club job. He kept Osasuna, Zaragoza, Espanyol and Mallorca in the top flight, and took Atlético back into the Champions League, although he was relegated with Leganés in 2020.
For Mexico he has coached at three World Cups, in 2002, 2010 and this summer, when El Tri reached the last 16 before losing 3-2 to England. He has since left the post.
Valencia finished ninth last season, so a bottom-placed start represents a sharp fall. Whoever takes charge will have the international break to work with before the next match.