Last week Spurs manager Andre Villas-Boas had revealed the English Premier League outfit were in talks with the Spanish side. On Thursday, the club revealed on their Twitter feed that a deal has been agreed.
"We are delighted to announce that we have reached agreement with Valencia for the transfer of Roberto Soldado subject to a medical," said the statement on the @SpursOfficial Twitter feed.
Valencia also confirmed on their official website that a deal had been done, adding that it was for the equivalent of Soldado's "release clause", rumoured in the press to be €30 million ($40 million).
Speaking from Hong Kong last week where Spurs were involved in a pre-season friendly tournament, Villas-Boas had said of the player: "Roberto is one of the players we have been following and his career speaks for itself. He's a great striker."
Soldado started his career at Real Madrid but he made only 16 first team appearances before being sold to Getafe in 2008, having spent the 2006/07 season on loan at Osasuna.
He moved to Valencia in 2010 and netted 80 goals in 146 appearances for the club. He made his Spain debut in 2007 and has scored six times in 11 appearances while he was part of the squad at June's Confederations Cup, where his country reached the final.