West Ham have come the closest of any Premier League side to actually snapping up the Uruguayan as they made bids for him in the summer of 2019 when he was at Celta Vigo, but he turned them down and moved to Valencia instead.
The Daily Mail reports that Arsenal and Wolves have joined the chasing pack, with both struggling to score as regularly as they would like in the Premier League.
Wolves have managed just 11 goals in 11 league games this season and the Gunners have scored one less, which is a major reason they find themselves 15th in the table.
Due to Raul Jimenez fracturing his skull in a match against Arsenal, Wolves are especially short of fire power and are looking to add to their ranks in attack.
Gomez has not been prolific since joining Valencia from Celta Vigo for around £13m, with two players going the opposite way in a players-plus-cash deal.
The Uruguay international scored 11 goals in 43 appearances, in all competitions, last season and has currently scored three in 10 over this campaign.
He remains highly-rated, though, after scoring 30 La Liga goals in two seasons with Celta Vigo and three in 19 caps for Uruguay.
The 6’1″ forward has a mammoth release clause of £125m, but Valencia are not flush with cash and would likely accept a much lower offer for his services, likely under £50m.