Francis Coquelin has agreed a contract with Valencia.
The Arsenal midfielder is expected to finalise his move before the weekend as the clubs discuss a transfer worth £10.5million.
Valencia had proposed an initial loan deal until the end of the season with a fee of £2.6m to navigate Financial Fair Play regulations.
Sportsmail revealed on Monday the La Liga side were in pole position for the 26-year-old ahead of West Ham.
The Frenchman has been at the Emirates since joining from Stade Lavallois as a 17-year-old in July 2008 following a successful trial.
He spent loan spells away at Lorient, Freiburg and Charlton before eventually becoming a first-team fixture in the second-half of the 2014-15 season.
Coquelin has gone on to make a total of 159 first-team appearances under Arsene Wenger but has never found the back of the net.