According to report. the 19-year-old spent two spells on trial with the South London team last season ahead of his impending exit from West Ham.
On a free transfer, he formally joined the team in the summer.
The former West Ham youth striker has been a staple of Darren Powell’s team this season and has been scoring goals at a high rate.
Umolu participated in the team’s three EFL Trophy games and scored once against Gillingham. He also scored nine goals in the team’s primary PL2 campaign, including a hat-trick against Tottenham in November.
With 21 games remaining, Port Vale is currently one point outside of their division’s automatic promotion spots and is aiming to return to League One at the first opportunity under manager Darren Moore.
Despite their league standing, Vale has struggled in front of goal recently.
They have only scored six times in their past 10 league matches, the lowest return in the division, with two of those coming in Saturday’s victory over Doncaster – an issue they will hope Umolu can help rectify.