The Argentina Under-20 international joined the Premier League champions from Racing Club earlier this month and impressed on City's tours of the United States and Scotland.
Zuculini featured as a substitute in the Community Shield at Wembley, but Manuel Pellegrini has now opted to send the 21-year-old out on loan.
Sunderland were linked with a move for Zuculini, but he will instead continue his development in Spain with Valenica.
The Liga outfit revealed that their latest signing, a defensive midfielder, will undergo a medical on Tuesday before facing the media.
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