The Argentine midfielder has long been linked with a move to the Spanish club, but talks in the summer broke down.
The deal has now been completed, however, with the 28-year-old signing a long-term contract with Los Che on Monday.
"I'm very happy to come to Valencia," he told reporters.
Perez could make his debut for Valencia in this weekend's league match against Real Madrid.
Restore Data
| Team | P | W | D | L | F | A | GD | PTS | |
| C | Real Madrid | 36 | 29 | 6 | 1 | 83 | 22 | 61 | 93 |
| 2 | Barcelona | 35 | 23 | 7 | 5 | 72 | 43 | 29 | 76 |
| 3 | GironaGirona | 36 | 23 | 6 | 7 | 75 | 45 | 30 | 75 |
| 4 | Atletico MadridAtletico | 36 | 23 | 4 | 9 | 67 | 39 | 28 | 73 |
| 5 | Athletic Bilbao | 36 | 17 | 11 | 8 | 58 | 37 | 21 | 62 |
| 6 | Real BetisBetis | 35 | 14 | 13 | 8 | 46 | 41 | 5 | 55 |
| 7 | Real Sociedad | 35 | 14 | 12 | 9 | 48 | 37 | 11 | 54 |
| 8 | Villarreal | 36 | 14 | 9 | 13 | 60 | 60 | 0 | 51 |
| 9 | Valencia | 35 | 13 | 9 | 13 | 37 | 39 | -2 | 48 |
| 10 | Getafe | 36 | 10 | 13 | 13 | 41 | 51 | -10 | 43 |
| 11 | AlavesAlaves | 36 | 11 | 9 | 16 | 34 | 45 | -11 | 42 |
| 12 | Sevilla | 36 | 10 | 11 | 15 | 47 | 50 | -3 | 41 |
| 13 | Osasuna | 36 | 11 | 8 | 17 | 40 | 54 | -14 | 41 |
| 14 | Rayo Vallecano | 36 | 8 | 14 | 14 | 29 | 44 | -15 | 38 |
| 15 | Celta Vigo | 36 | 9 | 10 | 17 | 42 | 54 | -12 | 37 |
| 16 | Las PalmasLas Palmas | 35 | 10 | 7 | 18 | 30 | 44 | -14 | 37 |
| 17 | Mallorca | 36 | 7 | 15 | 14 | 29 | 41 | -12 | 36 |
| 18 | CadizCadiz | 36 | 6 | 14 | 16 | 25 | 49 | -24 | 32 |
| R | Granada | 36 | 4 | 9 | 23 | 37 | 70 | -33 | 21 |
| R | Almeria | 35 | 2 | 11 | 22 | 35 | 70 | -35 | 17 |
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