The statement read: “Valencia have activated Nani’s €8.5m release clause and he will join the club. We want to thank him for his services.”
Valencia also released a statement on their official website confirming the transfer and also posted a tweet regarding the move sharing a picture of Nani in his new club shirt – top marks to the photoshop department at Los Che.
Nani will join the La Liga outfit on a three-year deal after undergoing a medical following his Euro 2016 campaign.
Fenerbahce have in the process managed to make almost a £3 million profit on the Portuguese international just a season after signing him from Manchester United on a three-year deal.
United sold Nani to Fenerbahce on a £4.3 million move last season on a three-year contract.
The Portuguese international was also closely linked with a move to Stoke City after assistant manager Mark Bowen confirmed interested.
“I know there is an interest there. Valencia are a big club but it is the draw of the Premier League,” Mark Bowen told talkSPORT.
Nani is expected to start for Portugal in their Euro 2016 semi-final clash against Wales. The 29-year-old is currently the top goal scorer for his national team alongside Cristiano Ronaldo.