Valencia have cleared the way for Gennaro Gattuso's arrival by announcing the exit of head coach Jose Bordalas.
Former Milan and Napoli boss Gattuso is widely expected to be installed as the new boss at Mestalla.
That could be soon confirmed after Bordalas departed following just one season, having arrived at Valencia on a two-year deal in May 2021.
In a statement, the club said: "Valencia CF announce the conclusion of Jose Bordalas' tenure as first team coach.
"The club would like to thank him for his work, effort and dedication during his time in charge of Valencia CF, in which the team qualified for the Copa del Rey final, and wishes him the best of luck in his future endeavours."
Official Statement— Valencia CF (@valenciacf_en) June 3, 2022
The departure had become inevitable as reports emerged of the strong interest in appointing Gattuso.
The 58-year-old Bordalas was chosen by Valencia owner Peter Lim as the successor to Javi Gracia, who became the 11th coach to leave the LaLiga side in nine years.
Bordalas guided Valencia to a ninth-placed finish in the league, and they suffered penalty shoot-out heartbreak in the Copa del Rey final against Real Betis in April.
Bordalas revealed his job frustrations before a clash with Athletic Bilbao in early May, suggesting Valencia must bring in top-level talent as opposed to selling their best players.
News of his exit comes amid a turbulent time for the two-time Champions League runners-up.
Valencia this week confirmed the exit of president Anil Murthy, stating the club must "regain the trust of the fans".
The 49-year-old had been embroiled in controversy since April when a man purported to be Murthy suggested to someone else in audio leaked by Superdeporte that he had threatened to "kill" Carlos Soler's reputation in the press if the midfielder did not sign a new contract.
Valencia did not deny Murthy was the person depicted but claimed the reports were part of a smear campaign against the club, insisting the recordings were "taken out of context from a private conversation and recorded illegitimately without the permission of the president".
The club also reported death threats against Murthy to authorities earlier this month.