Corberan was dismissed by club CEO Ron Gourlay as part of a club-wide restructuring of their sporting department.
The former West Brom boss arrived at Valencia in December 2024, and secured a survival miracle at the end of an extraordinary second half to the 2024/25 campaign.
Last season, he led Los Che to the brink of a shock European qualification, before eventually falling short.
However, that momentum was not maintained at the start of 2026/27, with results going against him and the club under major financial pressure.
Reports from Mundo Deportivo claim an agreement has now been reached for Aguirre to take charge on a short-term deal until the end of the season following his departure from the Mexico job after the 2026 FIFA World Cup.
The 67-year-old has previously managed in Spain, with Osasuna, Atletico Madrid, Real Zaragoza, Espanyol, Leganes and Mallorca, and his immediate brief will be to drag Valencia away from relegation danger.