Nani has an €8.5 million release clause option for clubs from the Premier League, La Liga and Serie A but Valencia made an offer below his asking price.
The Yellow Canaries have underlined that they will not accept an offer that does not meet his release clause.
Fenerbahce signed Nani on a three-year deal from Manchester United last summer and he went onto score 12 goals and provide 13 assists in his debut season.
United have however, been closely linked with their former winger and are reported to have already agreed personal terms with Nani according to Turkish media outlet DHA.
Nani will not make a future on his future until after Euro 2016. The experienced winger is the joint top goalscorer for Portugal alongside Cristiano Ronaldo with two goals.