The Belgian hitman was behind Alvaro Morata and Olivier Giroud in the pecking order at Stamford Bridge.
And after a meeting between the forward and new Blues boss Maurizio Sarri he has secured a switch to Spain.
The Blues confirmed the news today, saying: "Chelsea Football Club has today agreed terms with Valencia for Michy Batshuayi to join the Spanish side on a season-long loan."
Atletico Madrid and Sevilla were also both keen on the 24-year-old but it is their La Liga rival's who have won the race for his services.
The hotshot enjoyed a spell on loan with Borussia Dortmund from January before his season was cut short through injury.
He bagged nine goals for the Bundesliga giants leading to them trying to sign him permanently.
However, Chelsea reportedly priced them out of a move by demanding more than £60m.
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Batshuayi is now fully recovered from his injury and helped his country to finish third at the World Cup last month.
He is now in line to make his debut for Valencia a week on Monday against Atletico Madrid.
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