Valencia keen to keep starlet wanted by Arsenal and Chelsea

Valencia are frantically working on a new contract for Spanish wonderkid Paco Alcacer with Arsenal and Chelsea reportedly stepping up their interest in the 21-year-old.

Alcacer has shot to fame this season, making his debut for Spain last week and then scoring his first goal in their 5-1 victory over Macedonia on Monday.

As a result, according to reports in Spain, Valencia are now putting together an improved contract offer for the striker in an attempt to ward off interest from several Premier League clubs.

Arsenal and Chelsea have been touted as possible destinations, while Barcelona also enquired after Alcacer back in 2011 - after he was top-scorer at the under-17 European Championships.

Valencia are said to be determined to hold onto Alcacer, who netted seven goals in 11 games during the La Liga side's run to the Europa League semi-final last season.

The Spaniard's new deal is expected to reward him with a pay-rise, while it is also thought to contain a buy-out clause of around £25m.