The fallen Spanish giants exercised a buyout clause in Corberan's contract to bring him to Mestalla on a deal lasting to 2027, days after sacking coach Ruben Baraja.
Corberan, a former Valencia youth goalkeeper, guided West Brom to the Championship playoffs last season. He spent just over two years at the club, which expressed its "gratitude and best wishes".
Corberan, 41, has also coached Huddersfield Town and Greek giants Olympiacos as well as assisting Marcelo Bielsa at Leeds United. He faces a daunting challenge to save Valencia from the drop.
The six-time Spanish champions have not played outside the top flight since the 1986/87 season but sit 19th in La Liga, four points from safety, with just 12 points from 17 matches.
