
Zigic was due to sign a five-year contract later in the day.
Valencia did not say how much they paid for the Serbian striker, but sports dailies Marca and AS said that the agreed transfer fee - after three weeks of intense negotiations - was around 17 million euros (23.38 million dollars).
According to AS, Zigic will earn around 1.3 million euros (1.78 million dollars) per season at Valencia, double what he was earning in Santander.
The arrival of Zigic leaves Valencia with an abundance of forwards, and could lead to the sale of Fernando Morientes, or to either Juan Mata or Javier Arizmendia going out on loan.
Valencia are reportedly still interested in signing a midfield organiser. On top of their wishlist are Lucho Gonzalez of Porto and Kim Kallstrom of Lyon, with Getafe veteran Francisco Casquero in third place.