The 34-year-old served as second choice 'keeper during most of his previous tenure at the Mestalla, but now the new staff at the club want him back.
Having left Valencia for Seville in 2005, though, he's since managed a brace of UEFA Cups and a Copa del Rey for the side with whom he once again established himself as a top flight first choice.
Originally the matter between the two sides was due to be settled today, but Spain's reaching (and then winning) the Euro 2008 final delayed negotiations.
Now, though, there are 48 hours left as the two clubs and Palop himself prepare to sit down and thrash out a deal.
Sevilla president José María del Nido is said to be very much against a transfer, although he may be swayed if there is to be a swap deal on the cards.
Valencia, meanwhile, have already sounded out Miguel Angel Moyà and Diego Alves as possible resplacements.
Palop himself has remained near-silent throughout.
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