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The midfielder joined the Blues from Barcelona in 2011 but found first-team opportunities limited and spent last season on loan at Los Che.
The La Liga side had hoped to bring the Spaniard to the Mestalla permanently and Romeu had previously indicated his wish to stay with the Spanish club.
However, the Spaniard played 70 minutes in Wednesday's pre-season 5-0 victory over Wycome Wanderers and it appears boss Jose Mourinho is now willing to give the 22-year-old a chance at Stamford Bridge.