The 30-year-old former Manchester City striker has sealed a return to the Premier League after passing a medical with Aitor Karanka's side.
"The club is set [to] strengthen even further in readiness for the new Premier League [season] after agreeing on a deal to sign Alvaro Negredo from Valencia CF," a Middlesbrough statement confirmed.
"The Spanish international, a member of their successful Euro 2012 squad, is set to join on a season-long loan once all the paperwork is complete.
"Negredo has linked up with Karanka's squad in Marbella."
Valencia, in confirming the striker's departure, added: "We wish the player the best of luck for his new stage in the Premier League."
Negredo joined Valencia on loan in 2014 after one season in England's top flight with City, during which he won the Premier League and the League Cup.
He completed a permanent switch to LaLiga a year later but struggled to make an impact at Mestalla, scoring just five times in 25 league games.
Negredo follows compatriot Antonio Barragan in swapping Valencia for Middlesbrough in the current transfer window.
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