Valverde was pictured overseeing training on Monday ahead of meeting with Barca's board.
Agreement between FC Barcelona and Ernesto Valverde to end his contract as manager of the first team. Thank you for everything, Ernesto. Best of luck in the future. pic.twitter.com/zrIgB1sW2e— FC Barcelona (@FCBarcelona) January 13, 2020
Following the conclusion of those discussions, Barca announced Valverde's two-and-a-half-year stint in charge at Camp Nou, with Setien replacing him on a contract until June 2022.
Barcelona announced Setien's appointment on the club's website: "The man from Cantabria in the north of Spain comes to Barça after having had spells at Racing Santander, Poli Ejido, Logroñés, Lugo, Las Palmas and Betis, his previous club in the 2018/19 season.
"Throughout his career he has been a proponent of possession based, attacking football that has been attractive to the fans."