Valdes spent last season with Middlesbrough but he was helpless in stopping the Northern England side from relegation and a move away has now materialised.
Depor, who failed to offer German Lux a new deal are on the look out for a new keeper and boss Pepe Mel is keen to sign Valdes for his experience and ability.
Prior to leaving Barcelona in 2014, Valdes was successful in helping the Catalan side to six La Liga titles and three Champions League honours, whilst he was part of Spain’s dominance in winning the World Cup and European championships in 2010 and 2012.
According to Sport and La Voz de Galicia, talks between the former Spanish international and Depor officials began last month and have been improving.
Should such a deal fail, former Betis boss Pepe Mel has other options available with Sevilla’s David Soria and PSG’s Salvatore Sirigu, formely with Osasuna – names linked.