The Venezuelan midfielder is set to move to the Mestalla on a season-long loan arrangement with Los Che expected to also hold a purchase option on the player this season.
A report in Marca claims he has been dining with his agent in the Spanish city this week and an agreement for the deal is close.
Herrera starred in a loan stint with Granada this campaign – Herrera played 36 matches for Granada, scoring two goals and handing out three assists – and was a key part of the Andalusian club qualifying for Europe for the first time in their history.
It follows Valencia transfer news from earlier this month that the club have told midfield trio Dani Parejo, Geoffrey Kongodbia and Francis Coquelin they can leave this summer, as an overhaul of their midfield planned.
Herrera has previously enjoyed loan stints with New York City and Huesca, with the 22-year-old even showing potential to break through into Pep Guardiola’s first team squad.
Valencia winger Torres had looked set to be at the heart of European transfer news this summer and has reportedly agreed a five-year contract at City in a deal worth up to €35m.