"Valencia have reached an agreement with Tottenham Hotspur Football Club, pending the corresponding medical examination, for the transfer of Roberto Soldado for the amount equivalent to that of his release clause," the club said in a statement on their website (www.valenciacf.com).
A Valencia spokesman told Reuters the buyout fee was 30 million euros, which will be a record transfer for the north London club.
Spurs spent some 17 million pounds ($25.94 million) to bring in Brazil midfielder Paulinho from Corinthians last month, a similar amount to the record fee they paid Blackburn Rovers for winger David Bentley in 2008.
Valencia's president, Amadeo Salvo, had said on Wednesday that a deal was in place but the formalities were being held up until a problem with the player's agents had been resolved.
"The
The 28-year-old Soldado, who scored 30 goals in 46 appearances for Valencia last season, is part of a growing number of Spain internationals who are leaving their homeland to play in the English Premier League.
Eight of Spain's recent Confederations Cup squad will be plying their trade in England next season, a figure that has gradually increased over the years.
One player who could be heading in the opposite direction is Tottenham forward Gareth Bale, who is strongly linked with a move to Real Madrid.
Media reports say the Spanish giants have offered a world-record fee in excess of 85 million pounds for the 24-year-old Wales midfielder.
Soldado began his career in Real Madrid's B team where he scored 63 goals in 120 league appearances.
He has played 11 times for Spain and scored six goals.
Photograph: Miguel Tovar/Getty Images
Is Tottenham Hotspurs' Gareth Bale worth a 100 million Euros?
Confed Cup: Balotelli to miss semi-final clash with Spain
Don't think Arsenal will be a step up for Suarez: Gerrard
Confederations Cup: Spain down Uruguay, Italy win
Coach Guardiola experiments as Bayern beat Barca