The chances the former European grand prix venue will return to the calendar therefore seem dim, as Marca newspaper publishes images that suggest the facility is no longer being even minimally maintained.
Thieves have stripped the circuit infrastructure of any valuable items like electronic control boxes, while an access tunnel is completely flooded by standing water.
"A bridge that cost two million euros is now used only by vagrants," read the report.
The pit boxes have been "ransacked", manholes stripped of their covers, and wires pulled out of light posts.
The last grand prix at the Valencia street circuit was held last July, and won by Spain's Fernando Alonso.
"Now, far from the glamour, the neighbours complain that there is no supervision and that thieves have taken everything of any value," said Marca.