Valencia have loaned winger Fabian Orellana to fellow La Liga side Eibar until the end of the season, subject to a medical.
The Chile international is expected to join his new team in training on Friday but will not be able to play until the New Year.
Eibar can acquire the 31-year-old next summer for a reported €2 million provided they maintain their top-flight status.
A Valencia statement read: "Valencia CF have reached a preliminary agreement with SD Eibar, subject to being formalised, for the transfer of Fabian Orellana until the end of the season, with a buy-out option included."
Orellana joined Valencia initially on loan from Celta Vigo in January and played in 16 league games, including 13 as a starter. The club then exercised their purchase option on the player this summer.
Since the arrival of coach Marcelino in May, Orellana, who is tied to Valencia until June 2019, has made just one appearance. He started in a 2-0 Copa del Rey win at Real Zaragoza on Oct. 24.
Eibar, coached by Jose Luis Mendilibar, are 15th in the standings and have taken 14 points from 13 games.