Valencia and their young Portuguese right-back Joao Cancelo have agreed to an exchange of loans with Inter midfielder Geoffrey Kondogbia, according to Sky Sport Italia.
Negotiations are reported to be ongoing, with the main sticking point being the cost of the options to buy for the two players.
Cancelo has been heavily linked with a move away from Valencia since the signing of Montoya earlier in the summer, as he wants to ensure regular football.
Premier League clubs such as Chelsea and Tottenham are said to have been amongst Cancelo's potential suitors, but Valencia are prepared to turn down a €30m offer from Spurs to ensure that they land Kondogbia.
The midfielder, who has also been a target of Spurs, as well as Liverpool, is back in training with Inter, albeit separately from the main group. The Frenchman made 24 appearances in the league last season.
The two clubs have already agreed a €13m deal for Inter's Colombian centre-back Jeison Murillo to join Valencia, though the move is currently being put on hold by Inter boss Luciano Spalletti until he can find a suitable replacement.
His side begin their Serie A campaign against Fiorentina this weekend, but face a severe shortage of central defenders.