The 32 year-old Argentine is in advanced talks to sign with Valencia.
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Saravia is available after being released from his contract at Atletico Mineiro.
The right-back had been seeking a two-year contract from Valencia, though Marca says he is set to accept an initial deal to the end of the season.
Saravia will be clear to join Valencia after they made room in their squad list by deregisering Dimitri Foulquier, who has been ruled out for the season due to injury.