The Italian returned to Wolves earlier this month, having struggled for opportunities at ACF Fiorentina, where he’d spent the previous year on loan.
While back in the West Midlands, Cutrone featured four times for Nuno Espirito Santo’s side – twice in the Premier League and twice in the Emirates FA Cup.
However, 23-year-old now heads to Spain to link up with Valencia, who currently sit in 13th place in the La Liga table.