The 49-year-old is set for his fourth stint with the Basque club having previously spent time there as a player, assistant boss and first-team coach.

Valverde's one-season stay with Valencia came to an end earlier this month after he elected to depart following the Mestalla outfit's failure to reach the UEFA Champions League.

And he has now been selected as Marcelo Biesla's replacement, with the Argentine boss' contract set to expire on June 30.

Aside from twice managing Athletic Bilbao, Valverde has also taken the reins at Villarreal, Espanyol and Olympiacos - the latter on two separate occasions - during his managerial career.

The Spaniard has also won three Greek Leagues, two Greek Cups and finished as a runner-up in the UEFA Cup as a coach.

His Valencia side only missed out on finishing in the top four of La Liga last season after losing to Sevilla on the final day.