Los Che say they will allow the goalkeeper, who has been linked with a move to Camp Nou as a possible replacement for Manchester City-bound Claudio Bravo, to leave if he wants
Valencia sporting director Jesus Garcia Pitarch says the club will not stand in the way of goalkeeper Diego Alves joining Barcelona.
Alves has been linked to the Liga champions in recent days, with speculation mounting that Camp Nou number one Claudio Bravo is close to finalising a move to Manchester City.
Pitarch claimed on Wednesday there is no chance Valencia will allow forward Paco Alcacer to move to Luis Enrique's title-holders.
But the same cannot be said of Alves, with the 31-year-old Brazil international having been assured of an improved contract the club can no longer afford.
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"Diego Alves' situation is different. He was promised a pay rise in the past, but we cannot meet his demands," Pitarch said at a news conference.
"It would be great if he stayed, but we understand it if he were to leave.
"We have to reduce our wage bill and look at the financial situation."
Alves joined Valencia from Almeria in July 2011 and has made 143 appearances for the club.