Valencia mayor Rita Barbera said her Spanish city would receive the America's Cup "with open arms" if the two vying teams chose to race there again.
A New York judge ruled this week that the match series between defending champion Alinghi of Switzerland and challenger BMW Oracle Racing of the United States could not be sailed in Ras al-Khaimah, United Arab Emirates in February.
The judge based her ruling on the stipulation in the 1887 Deed of Gift that the America's Cup cannot be sailed in the Northern Hemisphere between 1 November and 1 May, not on concerns by the Americans that RAK was unsafe due to its proximity to Iran.
Despite Valencia also being in the Northern Hemisphere, both syndicates had indicated they were willing to return to the Mediterranean city, where they last raced for the cup in 2007.
Barbera says Alinghi hasn't contacted her yet.
"Now we need to listen for if they want to come here and then negotiate the conditions and be realistic with the necessities of the competition," she said Wednesday.
BMW Oracle Racing skipper and CEO Russell Coutts welcomed the possibility of returning the race to Valencia.
"Valencia is the best option to get the America's Cup back on track as soon as possible," The New Zealander and former America's Cup winner said in a statement. "This is what sailing fans from around the world are waiting for."
With the best-of-three series scheduled to begin on 8 February, Coutts urged Alinghi's backing yacht club, Societe Nautique de Geneve (SNG), to settle on a new proposed race venue as soon as possible.
"Were SNG to propose a location in the Southern Hemisphere instead of Valencia, we ask the defender to name it as soon as possible so that we have the maximum opportunity to make an informed assessment," he said. "We say this noting that nearly three months of the court-ordered six month minimum notice period for the venue has gone already.
"We again confirm our willingness to sit down immediately with SNG/Alinghi for talks to resolve the outstanding issues surrounding the 33rd America's Cup."