Valencia put 12 first-team players on the transfer market earlier this summer with strikers Ruben Sobrino, Kevin Gameiro and Rodrigo Moreno all told to find new clubs.
The 25-year-old netted eight goals last term with four of those coming in France's Ligue 1 competition.
Is Keita a good signing for Valencia?
The 25-year-old began his playing career with Italian side Lazio after having youth spells with Damm, Barcelona, Cornella and I Biancocelesti.
A loan move would follow before moving to Monaco on a permanent deal last summer.
During his career thus far, Balde has managed to find the back of the net 68 times in just under 250 games.
The young forward has also made 24 international appearances for the Senegalese national side.
Mass exit this summer at Valencia
Keita's potential arrival will need to be the first of many at the Spanish club if all 12 players placed on the transfer list end up leaving.
Goalkeeper Jasper Cillessen, defenders Eliaquim Mangala and Mouctar Diakhaby, midfielders Dani Parejo, Geoffrey Kondogbia and Francis Coquelin, and the aforementioned strikers are the players named on that list.
Parejo and Coquelin are reportedly on the verge of an exit with Valencia's La Liga rivals Villarreal showing increased interest.