Pereira is in Portugal's European Championship squad and has been a regular starter in defence since Bento took charge of the national team in 2010.
"Sporting reached an agreement with Valencia for the transfer of Joao Pereira for a set fee of 3.7 million euros and a variable fee of 526,000 euros, depending on whether Valencia participates in the Champions League group phase or not," Sporting wrote in a statement published by Portuguese regulator CMVM.
Pereira is a speedy defender who likes to attack and catch opponents off-balance.
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