Former Valencia star Fernando Gomez Colomer has said the club would be making a mistake if they sold Dani Parejo in the winter window.
On Wednesday, Superdeporte reported that the La Liga strugglers want to "revolutionise" the team, with 27-year-old midfielder Parejo one of up to six players to be placed on the transfer list.
Parejo has scored three goals and created five more in 15 league starts, and Fernando told Onda Cero radio: "For the time being, I wouldn't sell Parejo because we don't know who is going to come.
"Besides, he earns € 2.5 million net [per season] and it's not an easy sell."
Earlier this season, Parejo spoke about the pressures of the club's recent struggles and said he had been was a target for Sevilla this summer.
The sale of star players Shkodran Mustafi, Andre Gomes, Paco Alcacer and Alvaro Negredo before the start of the campaign left a big void, and Valencia have mustered just 12 points from 15 games.
Saturday's defeat at Real Sociedad left them one place above the drop zone, level on points with third-bottom Sporting Gijon.
Former Spain international Fernando said it was "very painful" to see the club's situation.
"Right now, Valencia needs to worry about going down," he said. "I like what [coach Cesare] Prandelli says, but he makes mistakes."