Anguissa spent the 2019/20 season on loan at Villarreal from Fulham, who won the Championship play-off final earlier this month.
Fulham have rejected a €25m (£22.5m) bid from Villarreal for midfielder Andre-Frank Zambo Anguissa, who spent last season on loan at the La Liga club.
Sky Sports News reported Fulham, who were promoted to the Premier League this summer were considering the offer in July.
Anguissa, 24, joined Fulham from Marseille in August 2018 and made 36 La Liga appearances last season, scoring two goals.
His second goal of the season came in a 4-0 win over Eibar which ensured Villarreal a spot in the Europa League for the 2020/21 campaign.
Anguissa was a part of Fulham’s £100m+ spending spree in 2018, joining the club for £22.3m as they prepared for a return to the Premier League.
The Cameroonian was one of five players bought on Deadline Day alone alongside Timothy Fosu-Mensah, Joe Bryan, Sergio Rico and Luciano Vietto.
