Valencia have signed former Spain Under-21 international Dani Parejo from Getafe on a five-year contract.
Los Che are believed to have paid €5million (just over £4.4million) for the 22-year-old, with reserve goalkeeper Miguel Angel Moya moving the other way on a season-long loan as part of the deal.
Parejo began his career with the Real Madrid youth team and had a spell in England with Queens Park Rangers before joining Getafe in 2009.
Moya, meanwhile, will act as cover for first-choice shot-stopper Oscar Ustari, who tore knee ligaments while on international duty with Argentina earlier this month.
One player who will not be leaving Getafe, though, is midfielder Derek Boateng.
The Ghanaian international was reportedly the subject of a big-money bid from a club in Ukraine but he has instead chosen to commit his future to Getafe.
"I'm in no hurry to move to another club. I have a contract with Getafe and it has really done everything for me," said the 28-year-old.