Mikel, 29, has fallen out of favour at Stamford Bridge this season and is yet to make an appearance under Antonio Conte.
Pitarch revealed that he engaged in negotiations with the defensive midfielder on Christmas Day and confirmed that the ball is firmly in his court with regards to ending his 10-year tenure with the blues.
He said: “In the case of Obi Mikel, with Chelsea’s permission, I met with him in London on Christmas day.
“I informed him of the option [of joining Valencia]. He said he would think about it”.
Valencia are looking to reinforce their squad this month in a bid to turn their fortunes around.
With just three wins in their 15 league games, Los Che are 17th in La Liga and level on 12 points with Sporting Gijon, who are in the relegation zone.
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