Absent from this year's schedule, the street race was set to return next year according to a new agreement with Barcelona to annually alternate the Spanish grand prix.
But tickets for the 2014 Spanish grand prix at Barcelona went on sale in June.
Spain's El Mundo newspaper now claims Valencia is absent from the provisional 2014 calendar, which has not officially been published.
Leaks from an unofficial draft of the schedule, however, are doing the rounds.
The Madrid-headquartered El Mundo said: "The (Barcelona-Valencia) alternation is not signed and Catalunya has been planning its (2014) race for more than a month."
According to the leaked calendar draft, Barcelona will host the Spanish grand prix on May 11 next year.