The Ghanaian winger is set for trials with the La Liga side after severing ties with Greek side Panathinaikos.
Real Valladolid are assessing Dutch-born Ghana international Quincy Owusu-Abeyie and could offer the winger a deal for the rest of the season.
Owusu-Abeyie terminated his contract with Greek side Panathinaikos last year.
The well travelled 27-year-old winger will be going for trials at the La Liga side next week, according to Elnortedecastilla.es.
The Dutch-born player, after spending his formative years in the youth system at Ajax, started his senior professional career with Arsenal in 2006.
Owusu-Abeyie tasted his first experience of Spanish football with Celta Vigo in the Segunda, with four goals in 21 appearances in their 2007-08 campaign. He has also featured for Malaga and now looks set for his third spell in Spain.