Former Manchester United and England defender Gary Neville has been named as Valencia's head coach until the end of the season.
The 40-year-old, who will take charge officially on Sunday, will remain part of the England coaching set-up.
Peter Lim, Valencia's Singaporean owner, has a stake in Salford City, the non-league club co-owned by Neville.
His brother Phil, who joined the Spanish club as assistant manager in July, will stay on the coaching staff.
"I am absolutely thrilled to be given this opportunity with Valencia," the new head coach said.
"Valencia are a huge football club of immense standing - and I know from my time as a player the passion and dedication of the Valencia fans."
Neville, who has stepped down from his position as a Sky Sports pundit with immediate effect, will attend a news conference with club president Layhoon Chan on Thursday.
Chan said of Neville: "He is hugely respected in English football and it was his personal qualities which persuaded us that he was the right choice to lead Valencia until the end of the season."
|Gary Neville's career|
|1992: Makes Manchester United debut and spends 19 years at club, winning 20 major trophies including two Champions Leagues and eight Premier Leagues|
|1995: Makes England debut going on to earn 85 caps|
|2011: Starts as a Sky Sports pundit for the 2011-12 season|
|2012: Appointed assistant coach to Roy Hodgson with the England team|
|2014: Agrees to buy Salford City with fellow former United players including brother Phil, Ryan Giggs and Paul Scholes|
|2014: Agrees to sell 50% stake of Salford City to businessman Peter Lim, already majority owner of Valencia|
|2015: Appointed Valencia head coach with brother Phil as his assistant|
Neville's brother Phil will assist interim head coach Voro for Valencia's next two matches, away to third-tier side Barakaldo in the Copa Del Rey on Wednesday and at home to Barcelona in La Liga on Saturday.
Next Wednesday's Champions League home match against Lyon will be Neville's first match in charge.
England head coach Roy Hodgson said: "As far as I'm concerned, this will be an extra string to his bow and the experience he will gain working in the Spanish league can only be beneficial to our work together with the England team.
"Gary's commitment to the FA's preparations for Euro 2016 will not be in any way affected by the fact that he will be coaching abroad during the next five months."
Neville replaces Nuno Espirito Santo, who resigned after Sunday's 1-0 defeat at Sevilla, a result that left Valencia ninth in the Spanish league.
The club finished fourth last season, but have won only five of their opening 13 league matches this term.