Valverde will leave San Mames at the end of the season for the third time as coach, having also played for six years with Athletic.
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Transfer expert Matteo Moretto is reporting former Borussia Dortmund coach Edin Terzic is a top target for Athletic's board to succeed Valverde.
Speaking on Radio Marca, Moretto stated: "We have to keep an eye on Terzic, who is gaining ground.
"He would work with the sporting director, Mikel González. Both of them were on Manchester United's shortlist a year ago."
Terzic has been out of work since leaving Dortmund after leading them to the 2024 Champions League final where they were beaten by Real Madrid.