Valencia CF confirmed through an official statement that Joao Cancelo will be loaned from Benfica for one year (till June 2015). This deal is similar to the deals given to Rodrigo and Andre Gomes, where the deals will be made permanent later. As such, this becomes the third Benfica player to join Valencia CF this transfer window and with Perez possible on the way, it could reach four.
As for who he'll replace, it is looking as if Joao Perreira will be the one making room. He has about 3 offers from Turkey but is looking to play in Portugal.