A statement on Valencia's official website has confirmed that Miroslav Djukic has been appointed as the new manager of the Spanish club on a two-year deal.
The Serbian replaces Ernesto Valverde, who departed the La Liga side at the end of the season after missing out on a place in the Champions League.
"Welcome home, Miroslav Djukic," read the statement.
The 47-year-old, who had been in charge of Real Valladolid for the last two seasons, represented Valencia between 1997 and 2003.