The Blue Jays had offered $1.25 million to Valencia, who figures to factor into their middle-infield mix.
The utility infielder, acquired in July from the Royals for Liam Hendriks and Erik Kratz, hit .240 with two homers and 19 RBIs in 50 games for Toronto last year.
The Blue Jays will also have a hearing with Josh Donaldson, who was acquired from the A's by trade in late November.
Joey Nowak is a reporter for MLB.com. Follow him on Twitter at @joeynowak. This story was not subject to the approval of Major League Baseball or its clubs.