Madrid - Troubled Spanish giants Valencia are considering selling off their most important stars - in order to reduce their massive debts.

Sports daily Marca said on Wednesday that Premier League clubs Chelsea and Manchester City are interested in in Euro 2008 top scorer David Villa, and that Barcelona are renewing their interest in David Silva, another member of the Euro-winning Spain team.

Other Valencia stars rumoured to be the targets for other clubs, are Spanish internationals Joaquin, Fernando Morientes, Vicente Rodriguez and Raul Albiol, plus Portuguese players Miguel, Manuel Fernandes and Hugo Viana.

Valencia are rumoured to be more than 150 million euros (253 million dollars) in debt, and could be soon filing for bankruptcy.

Valencia have been plagued by financial problems since the 1980s.

The construction of their new stadium, which will be used from next season onwards, will allegedly cost more than 200 million euros.

On Tuesday evening club president Vicente Soriano denied that he was considering resignation, and in an official statement claimed that "a plan of economic viability is perfectly defined and has been put into execution for months now."

The statement denies that the club is "in bankruptcy" and asks for "responsibility and rigour", as well as the "union of everyone in order to maintain the excellent sporting situation of the club."

Valencia are third in La Liga, five points behind leaders Barcelona.

Soriano took over the presidency of Valencia from the hugely unpopular Juan Soler in August, after a convulsive summer for "Los Ches."

Newspaper reports on Wednesday said that Soriano has still not paid Soler for his shares and could now have trouble doing so, since various banks have allegedly turned down his requests for more credit.

One of Soriano's first decisions in August was to refuse to sell Villa to Real Madrid and Silva to Barcelona - a decision he might now be forced to reverse.