Joaquin spent seven years at Real Betis before joining Valencia in 2006
Blackburn are weighing up a possible double swoop for Valencia winger Joaquin and striker Nikola Zigic, BBC Radio Lancashire understands.
Both players are believed to have been targeted by manager Paul Ince as he looks to strengthen his squad, though the club has yet to comment.
Ince is in search of a right-sided midfielder to replace David Bentley.
And he may need a new striker as speculation continues over the futures of Roque Santa Cruz and Benni McCarthy.
Blackburn have already turned down two bids from Manchester City for Santa Cruz, who has also been linked with Manchester United, while Sunderland boss Roy Keane has been linked with a move for McCarthy.
However, Blackburn chairman John Williams told BBC Radio Lancashire: "There has been no further contract from any club regarding Benni McCarthy or Roque Santa Cruz."
It is understood that Spanish international Joaquin, 27, would cost in the region of £9m, while 6ft 8ins tall Serbian international Zigic, who has also been linked with Hull and Stoke, is available on a season-long loan.
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