Banega is heading to Saudi club Al-Shabab and his exit will leave a big hole in Sevilla’s midfield.
And following surprising news that Valencia have told Parejo, Geoffrey Kongodbia and Francis Coquelin they can leave, Sevilla have a chance to replace Banega.
Sevilla have tried twice to sign Parejo, 31, with Valencia rejecting a €10m bid in 2015.
A second attempt in 2017 also failed, but was a sign of Sevilla’s continuing interest.
With Valencia now making the decision to let Parejo go, it could be third time lucky for Sevilla.
Sporting director Monchi and coach Lopetegui are planning for next season, in which Sevilla will compete in the Champions League.
And Parejo falls within the desired profile they will be looking for when Banega leaves.
They believe his experience and quality can help improve the squad in what will be a big season.
Monchi will have to negotiate a price with Valencia, but their decision to sell Parejo means it won’t be too high.
Parejo joined Valencia in 2011 and has made 383 appearances for Los Che, scoring 63 and assisting 62 goals.
This season he has remained an important part of the team, appearing 46 times in all competitions.
The set-piece expert has been capped four times by Spain, most recently appearing against Faroe Islands last September.