Gregory van der Wiel's proposed move to Valencia is now in doubt, with Chelsea and Liverpool both monitoring developments.
The Ajax defender, who came to prominence with his displays for Holland at the 2010 World Cup, seemed set for a move to Spain this summer.
He has a contract at Ajax until 2013 but negotiations over a new one failed to find a resolution and the Dutch club were resigned to selling him this summer.
Valencia made contact with Ajax and a deal was agreed in principle to transfer the 24-year-old to the Mestalla.
But the La Liga club now appear to have pulled the plug on the deal, leaving the door open for Liverpool and Chelsea, who both have a long-standing interest in the full-back, to make a move.
Van der Wiel told Dutch newspaper AD Sportwereld: "It may be that my transfer to Valencia is off. If no big club comes in for me, I will stay at Ajax."