According to a statement released by the club, the 29-year-old is due to sign a three-year deal at the Ciutat de Valencia once he has passed the necessary medical.
Ivanschitz began his career with Rapid Vienna, where he was voted the Austrian Footballer of the Year in 2003 before a move to Red Bull Salzburg three years later.
However, after just six months he went on a two-year loan to Panathinaikos, an arrangement that was made permanent in June 2008. After three years in Greece he agreed another two-year loan spell, this time with Mainz 05, and he was offered a contract in January 2011.
Last season he notched seven goals in 31 Bundesliga appearances and will join Los Granotes on a free transfer.
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