The 40-year-old former Argentina international, who won two Liga titles during his time with Los Che as a player, is now on the verge of a return to Mestalla as head coachhere.
Mauricio Pellegrino will reportedly be confirmed as Unai Emery's replacement as Valencia boss in the coming days.
According to Cadena COPE, an agreement is already in place with the Argentine, who spent six years at Mestalla as a player between 1999 and 2005.
Emery's departure has not yet been confirmed and even though the 40-year-old coach has qualified Valencia for next season's Champions League, he has come in for stern criticism for Los Che's inconsistent form this season, particularly in the wake of their Europa League semi-final exit at the hands of Liga rivals Atletico Madrid.
Pellegrino, meanwhile, served as an assistant to Rafa Benitez at both Liverpool and Inter but has never before held the position of head coach at a club.
However, Cadena claims that the former defender's return to Mestalla is effectively a done deal.