Pereira has been a key part of 'Los Ches' resurgence in Spain's top flight, which has seen them move ahead of Real Madrid into third.
In fact, the 22-year-old has made 24 appearances this season since signing for the La Liga outfit temporarily in the summer.
It's no wonder then that Valencia have reportedly enquired about turning the deal into a permanent one, although they will face competition from Jose Mourinho who is allegedly keen on keeping the midfielder at Old Trafford.
Pereira's contract with the 'Red Devils' expires in the summer of 2019 and the fact that he has only made 13 appearances in four seasons at the club could be a decisive factor in pushing a move through.