Spurs boss Andre Villas-Boas has been keen to bring in some attacking reinforcements and has long been an admirer of 28-year-old Soldado, who has been a prolific goalscorer in the Primera Division.
The deal, though, is likely to have cost the White Hart Lane club around ?26million, the buy-out clause which last week Valencia president Amadeo warned would have to be met to pry the striker away. If so, it would see Tottenham break the club transfer record set when they signed Paulinho for ?17million from Corinthians earlier in the summer.
However, were Bale to be sold to Real Madrid - who are ready to pay a world-record ?85million for the Wales international - then that outlay on new players would be offset entirely, opening up the possibility of a move for Roma's Argentina forward Erik Lamela.
Confirming the move for Soldado, a statement on the Tottenham official website said: "We are delighted to announce that we have reached agreement with Valencia for the transfer of Roberto Soldado subject to a medical."
Soldado impressed at Valencia after joining from Getafe three years ago, plundering 80 goals during his 146 appearances for the Mestalla club.
He netted 24 goals in La Liga last season and has become an established member of the Spanish national team, who he helped to runner-up spot at this summer's Confederations Cup.
Soldado hails from Valencia but began his career at Real Madrid, scoring 63 goals in 120 league appearances for the B side, Real Madrid Castilla. He also represented the senior team on 16 occasions.
The Spaniard's impending arrival boosts a Spurs strike force that was found light last season, with Jermain Defoe and Emmanuel Adebayor the first-team's only out-and-out attackers.
Tottenham have also brought in Belgian winger Nacer Chadli from FC Twente, in a deal which is reported to have cost some ?7m.
Source: PA
Source: PA