Contracts are still to be signed, but Banega is now preparing to fly to Spain after Valencia and Boca agreed over a £12 million fee for his transfer.
"I am surprised at the speed with which things have gone. A month ago I was playing for Boca and now I have a future in Europe," said Banega. "I'm going to have to buy a suit for the presentation to Valencia fans.
"I'll go to Spain for that, then return to say goodbye to my Boca fans. I had expected to stay longer with Boca.
"But I have found a good club in Europe, the offer was very important for my family and I couldn't turn it down."