Valencia star Jose Luis Gaya is proving to be a sensation in La Liga Getty

Valencia have agreed to commit the long-term future of coveted starlet Jose Luis Gaya to the club with a new deal to raise his release clause and ward off reported interest from Chelsea, Manchester City and Real Madrid in the Spanish prodigy, the club confirmed.

Having garnered a reputation as one of the most promising left-backs in Europe over the last two seasons in La Liga, the 19-year-old's future at Mestalla has been under scrutiny in recent months after it was revealed he had an €18m (£13m, $19.5m) release clause.

Reports in Spain have since claimed that Real Madrid had earmarked him as one of the top priorities for the summer – to replace out-of-favour Fabio Coentrao – while both Chelsea and Manchester City were also keen on meeting his low buy-out clause.

The Blues have been linked with a number of left-backs in recent months, including Coentrao himself and West Ham's Aaron Creswell, amid speculation that Filipe Luis could return to Atletico Madrid at the end of the campaign.

Meanwhile, Man City have also reportedly identified Gaya as part of their expected summer overhaul as they are ready to part ways with Aleksandar Kolarov.

But both Premier League giants and Real Madrid will need to look elsewhere for a left-back after Valencia announced that they have reached a new deal with Gaya commiting his future to the club until 2020.

Earlier in April reports in Spain gave some hope to Gaya's suitors after revealing Valencia had broken negotiations with the player's agent with the two parties far apart. Los Che were willing to increase his clause to €50m while the player was demanding a lower price to facilitate a potential future exit.

But last week reports already revealed a new positive turnaround of talks and Valencia have now confirmed the agreement.

Twitter @Valenciacf

The club have refused to provide any details of the new agreement but reports in Spain claim that, apart from pay rise, an increased release clause of around €40 to €50m has been included to ward off potential suitors.

"My dream was to make my debut with Valencia. I have already got it and now I will be here for five more years," Gaya said.