The 23-year-old attacking midfielder will put pen-to-paper on a six-year deal after agreeing to the transfer in during the January transfer window, according to reports.
Valencia reserved the right to buy him back when he was included in the deal that saw central defender Alexis move to the club from Getafe last summer.
With a buy-back fee of €1m in the first season and €2m in the second, los Ché have ensured that they paid the first amount after new coach Unai Emery gave the move the nod.
Pablo joined Valencia as a youth team player from his hometown club of Deportivo Castellón and rose through the ranks at Mestalla before being given his debut in the final of the 2005-06 campaign.
A year on loan at Cádiz gave him added experience, before he agreed to be included in the Alexis deal last summer and was part of Michael Laudrup's Getafe side last term.
Emery sanctioned his return because he wants to mould his own squad at the club since taking over last month and sees Pablo's arrival as something of a bargain.
For Getafe, it means another player has now left the club this summer following in the footsteps of Esteban Granero and Rubén De la Red, who has both gone back to Real Madrid.
Lucas Brown, Goal.com