The main reason for the lack of agreement between the goalkeeper and the club, according to 'Goal' is due to Neto wanting an increased wage
The Brazilian considers that he has had a great season and deserves an increased salary, making him one of the highest paid men in the Valencia squad.
Neto has essentially given Valencia an ultimatum. Either renew him and increase his wages or he will listen to and consider some of the offers that have emerged in recent weeks for him.
There is considerable interest from Arsenal. With Unai Emery wanting to take the goalkeeper to the Emirates to be the replacement for the recently retired Petr Cech. Only time will tell if Neto continues at Valencia or if he decides to leave and join the Premier League.