Coquelin had been linked to the La Liga side before the January transfer window opened after making only one Premier League appearance for Arsenal this season.
The 26-year-old Frenchman was also reported to have attracted interest from West Ham and Crystal Palace as Jack Wilshere’s return to prominence with Arsenal blocked Coquelin’s chances of a recall.
Having been left out of Arsenal’s team for Wednesday’s League Cup semi-final first leg draw at Chelsea, Wenger confirmed Coquelin will move to Spain.
“He goes to Valencia. He didn’t get enough games for us this season. He had an opportunity and I let him go,” Wenger told reporters after the Chelsea match.
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