"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 club wishes Roberto the best of luck in this new professional phase and we also wish to point out the professionalism and great performance of the footballer in the matches where he has worn the Valencia shirt," the La Liga side added.
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 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. ($1 = 0.7531 euros) ($1 = 0.6596 British pounds)
(Reporting by Toby Davis and Iain Rogers in Barcelona; editing by Patrick Johnston and Clare Fallon)
