Manchester United have been dealt a blow in their alleged pursuit of Nicolas Otamendi, after FC Porto confirmed that the defender will join Valencia for an initial €12million in the summer, reports Sky Sports.
The Argentina international was heavily expected to leave Estadio do Dragao during the January transfer window, but problems with the player's passport are understood to have held up the deal.
Red Devils boss David Moyes was credited with an interest in bringing the 25-year-old to Old Trafford, but he'll now have to turn his attention to alternative central defensive targets, after Otamendi put pen to paper on a move to the Mestalla.
"After playing for a club like Porto - a huge, prestigious club - it is an honour to join a club like Valencia CF for this next stage of my career," he told Valencia's official website.
"Valencia CF are one of the most historic and attractive teams in Spain and in Europe, and I am very happy with this next step in my footballing life.
"I know that Argentinian players have been an important part of Valencia CF's history. To wear the same shirt as Mario Kempes, Roberto Ayala, Pablo Aimar and many more is a responsibility that I will take on with much joy and excitement."
Otamendi will link up with compatriot Juan Antonio Pizzi in La Liga, having snubbed the advances of AS Monaco and Zenit St Petersburg, in addition to long-standing interest from Manchester United.
Valencia's general sporting manager Francisco Rufete revealed his excitement at the high-profile signing, which could rise to €15million in the future.
"We have a great squad and we are convinced that Nico Otamendi will help us to improve from next season onwards, because he is a world-class talent," he said.
"He is a strategic incorporation for our project and we are fortunate that he has chosen Valencia CF out of the many clubs vying for his signature.
"The arrival of Otamendi is great news for all Valencianistas and for the future of our side."