Jeison Murillo has agreed a two-year loan from Inter Milan to Valencia, with the deal including a mandatory purchase option.
Murillo spent two seasons with the San Siro club, but was deemed surplus to requirements by new Inter coach Luciano Spalletti.
"Valencia has reached an agreement with Inter for the transfer for two seasons with a mandatory purchase option for the Colombian international defender Jeison Murillo," a statement from the Liga side read.
Murillo became Valencia's second major signing on Saturday (AEST), with the club having already snapped up Brazilian defender Gabriel Paulista from Arsenal, and both players will be presented on Sunday (AEST).
Valencia is also expected to complete a move for Murillo's former Inter team-mate Geoffrey Kondogbia, who has fallen out of favour at San Siro.
Head coach Marcelino has already snapped up goalkeeper Neto, forward Simone Zaza and winger Fabian Orellana in a busy transfer window at Mestalla.