Ronald Koeman will be presented as the new Valencia coach on Friday.
The departure of the Dutchman and his assistant Tonny Bruins Slot from PSV Eindhoven was announced earlier in the evening by the Dutch champions, and a statement on the Valencia website later confirmed his imminent arrival at the Mestalla.
The brief statement, posted after the team's 5-1 thrashing at home to Real Madrid, read: 'Coach Ronald Koeman will arrive on Friday, November 2 at Valencia to be appointed as Valencia coach for the remainder of the season plus two further seasons.
'The coach will be presented straight after (signing the contract) at the Mestalla.'
Koeman arrives in Spain with an impressive track record.
The former Barcelona and Holland defender claimed two Eredivisie titles as coach of Ajax before landing his third with PSV last season.
He also won the Portuguese Super Cup during a spell with Benfica.
Koeman leaves Eindhoven with the blessing of club director Jan Reker, who was sorry to see Koeman depart but knew the Eindhoven outfit could not stand in the way of the 44-year-old realising his dream of coaching in Spain.
'It's hard to explain,' Reker said at a press conference at the Philips Stadion. 'We are very satisfied with each other, we have a good relationship and PSV is doing very well sporting-wise.
'But then Valencia called us about Ronald Koeman. Our question was: can't you wait until next year? Ronald always said that his dream was to be coach of a top club in Spain. We respect that now.
'This is a dream club for him and they didn't want to wait. I was a coach myself and when you have a dream, you must take it when it comes.
'It's a pity for PSV indeed - but the ultimate challenge for Ronald. Valencia is of course a very big club.'
Koeman succeeds Quique Sanchez Flores, who was sacked on Sunday, just hours after a 3-0 defeat to Sevilla - the team's fourth loss in their previous five competitive games.