The 26-year old initially joined the Galician club on loan from Brazilian side Boca Juniors in January 2019.
He has remained on a rolling loan contract at the Estadio Balaidos since then with Eduardo Coudet’s side rumoured to be working on completing a permanent deal for him at the end of the current campaign.
However, as per reports from Marca, Celta informed Boca they would not be paying his €4m purchase clause this summer, allowing Valladolid to swoop in.
Sergio Gonzalez’s side have agreed to meet Boca’s demands as part of their negotiations with a compulsory loan to buy option wrapped up within hours of the deadline ending.
The versatile Uruguayan has played a key role during his two years at Celta with 63 league appearances as they successfully avoided relegation in the last two seasons.