Everton are keen to pick up where Valenicia left off, and want to sign the striker on a permanent deal.
However, it has not been a successful spell in Spain for the Belgium global.
Batshuayi still has more than two years remaining on his contract at Stamford Bridge but having already signed Kurt Zouma on loan from Chelsea, Marco Silva's side are only able to pursue a permanent deal but are confident an agreement can be reached before Thursday's deadline.
And with Everton seemingly not in a position to buy the Belgian, Chelsea are willing to settle for a loan deal and have told West Ham and Betis that Batshuayi can join either if he chooses to.
And it has been confirmed that Valencia have ended Batshuayi's loan, meaning he is at present back on the books at Chelsea.
FA Cup Fourth Round Report: Manchester City v Burnley 26 January 2019
Every game is nearly a final, and it's the same in the Cups. "In both situations, playing before or after, we have to win the games or it's over", he told reporters.
Batshuayi is now on loan at Valencia, where he has scored just three goals in 23 goals across all competitions this season.
Michy Batshayui joined Chelsea in 2016 with very high hopes but all the player has done is move around Europe on various loan spells.
While Chelsea appear happy to sell Batshuayi this month, they are unlikely to approve of a deal that would see him join their local rivals.
"But we are being told that is not going to happen".
The same article from Sky suggests that Batshuayi is demanding an eye watering weekly wage of £160,000 per week which has put off both West Ham and Betis on deadline day.