Valencia have signed Portugal international striker Goncalo Guedes from Paris St-Germain for a reported £36m fee on a six-year deal.
The 21-year-old has had a £270m release clause inserted in his contract.
Guedes spent last season on loan at Valencia, scoring 11 goals in 38 games in all competitions, as they finished fourth in La Liga.
He joined PSG from Benfica in 2016, but failed to score in 13 appearances for the Ligue 1 champions.
Valencia have been drawn alongside Manchester United, Juventus and Young Boys in the Champions League group stage.
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