Valencia had an agreement in place with Tottenham over a loan deal for Gil, with the winger keen to make the move to Los Che and back to his homeland.
However, according to Plaza Deportiva journalist Dani Merono Bori, Tottenham have contacted Valencia to tell them the deal cannot proceed.
Spurs informed Valencia that the deal was dependent upon them signing a replacement for Gil, something they have not yet been able to do.
As such, they will not sign off on the winger making the switch to Spain.
The move could only be brought back to life if Tottenham manage to land a replacement for Gil.
The clock is ticking down on the transfer window though and the winger may be forced to stay in north London and fight for game time under Antonio Conte.
Gil could struggle for regular action if he stays at Tottenham.
