Valencia have signed former Spain Under-21 and Getafe midfielder Dani Parejo to a five-year deal.
The 22-year-old has made the move south from Getafe in a deal reportedly worth €6 million, with goalkeeper Miguel Angel Moya going the other way on a one-year loan.
Parejo, who came through Real Madrid's youth academy, made 36 league appearances for Getafe last season, scoring three goals.
"Dani Parejo has signed for Valencia Club de Futbol in a five-year deal," a statement on Valencia's official website read.
"Additionally, both clubs have agreed to the loan of VCF goalkeeper Miguel Angel Moya to Getafe CF for the 2011/12 season."