The Spanish club's sporting director, Francisco Rufete, ruled out any chance that the £10 million post-deadline day signing will join before the summer
The Porto defender, who failed to join los Che before deadline day was over after reportedly not arriving to negotiations on time, sealed the summer move on February 6.
Confusion reigned about what he would do until the end of the campaign - as the transfer window has closed - with suggestions he could train with the squad until his official arrival, like Adil Rami did with AC Milan last year.
But club chief Franscisco Rufete seemed to suggest Otamendi would be out of Valencia's hands until the climax of 2013-14, adding to the rumours that the 25-year-old will be hitched away from Porto on loan until his €12 million [£10m] move.
"He is being unveiled now, but he will not be our player until June," he told reporters at the unveiling of January signing Vinicius Araujo.
Otamendi had been briefly linked to Manchester City and Manchester United following an apparent breakdown in Porto's talks with Valencia.
He has not played for the Portuguese giants since January 12 - missing four games - due to his transfer saga and the centre-back is not expected to play again.