"We are delighted to announce that we have reached agreement with Valencia for the transfer of Roberto Soldado subject to medical," read a club statement.
Valencia confirmed that they had received an offer equivalent to Soldado's release clause of 30 million euros (£26m) - a fee which smashes Tottenham's previous transfer record of £17m paid for Brazil midfielder Paulinho earlier this summer.
The north London club's need for attacking reinforcements has been well documented and now they are poised to complete the capture of the 28-year-old, who joined Valencia from Getafe three years ago and scored 24 goals in La Liga last season.
In total Soldado, who begun his career at Real Madrid after coming through the club's cantera, scored 80 times in 146 appearances for Valencia.
A Valencia statement read: "The club wishes Roberto the best of luck in his new career and would like to acknowledge the professionalism and high performance of the player in the games in which he has worn the shirt of Valencia Football Club."
Tottenham have also signed winger Nacer Chadli from Twente in addition to Paulinho and Soldado this summer but their most significant piece of business may remain the possible exit of Gareth Bale to Real Madrid.
The Wales international has been the subject of a world record £85m bid, with Madrid boss Carlo Ancelotti confirming that the two clubs are in talks.
Tottenham could reportedly receive Spain Under-21 international striker Alvaro Morata as part of the package.