The attacking midfielder has impressed for Rayo this season and has scored eight goals, including two in Monday's win over Getafe.
Piti is a former team-mate of Swansea sensation Michu and the two players have been likened to each other in their style of play.
His performances for Rayo have alerted a number of English clubs with the likes of Queens Park Rangers, Sunderland and Norwich all keeping tabs on him.
Piti's current deal expires at the end of the season and due to Rayo's financial problems they could be forced to cash-in on him during this month's transfer window.
A number of clubs are expected to watch Piti in action against Athletic Bilabo on Friday night as they weigh up moves for the playmaker.