The 15-year-old has recently been linked with a move to Arsenal after impressing at the U17 European Championship.
“My dream is to play for Valencia,” said Alcacer.
“In the next week I am expecting to meet with the directors here and it is possible that I will take part in pre-season with the first team.
“I am pleased to hear of the interest from big clubs but my heart is with Valencia.
“My future is with Valencia and the club shares my ambition.”
