Ronald Koeman has reached agreement with Valencia to become their new coach.
The former Barcelona player coach has quit his role with Dutch champions PSV Eindhoven to take up the vacancy at La Mestalla.
Valencia sacked Quique Sanchez Flores on Monday morning and moved quickly to appoint a successor.
Koeman confirmed on Wednesday that he was quitting PSV.
“I have not signed a contract so far but I have reached an agreement with Valencia for a 2-1/2 year contract,” Koeman revealed.
“This summer I spoke with the chairman of Valencia about the future because it would be an ideal job for me after this season when my contract expires.
“On Sunday morning I was called again after Valencia sacked their coach and within 15 hours we reached an agreement,” added Koeman, who had been in charge of PSV since May 2006.
Koeman is taking his assistant Tonny Bruins Slot with him to Valencia.
PSV admitted they were disappointed to see Koeman leave at this stage of the season.
“There are no problems between the club and Ronald, we have a good relationship, but Valencia have communicated that they wanted Ronald,” said PSV general director Jan Reker.
“Our first question to Valencia was: ‘Why not next season?’ but it has always been Ronald’s dream to coach at a top Spanish side. This for him is a dream club and they didn’t want to wait.
“There will be a lot of people here who will be unhappy but for Ronald it’s a big challenge as Valencia are a big club.
“There will be good compensation, we have already agreed that with Valencia, and behind the scenes we were already planning for the future because Koeman had already indicated that he would not be extending his contract beyond next summer.”
Koeman arrives at a club in a state of disarray. Wednesday’s 5-1 defeat to Real Madrid was their biggest loss at home since a 5-1 drubbing by Athletic Bilbao in 1933.
Speaking after 5-1 defeat, Valencia president Juan Soler said: “Ronald is a winner and he understands the situation that Valencia finds itself in and he is watching the games.
“What we saw out there tonight is something we’ve seen before this season and it is what led us to make this decision.
“We’ve found a person who we hope will bring that winning spirit back to Valencia. He was our first option and we’ve had previous contact with him and we went for him.”
