Chile international winger Fabian Orellana has been loaned by Valencia to fellow Spanish side Eibar until the end of the season with an option to buy, the La Liga high-flyers announced on Tuesday.

The 31-year-old joined Valencia in July after a loan spell from Celta Vigo last term, but has yet to make a league appearance this season.

"Valencia CF has reached an agreement in principle with SD Eibar... For the loan of Fabian Orellana until the end of the season," Valencia, who are second in La Liga behind Barcelona, said in a statement.

Eibar are playing in their fourth straight season in the Spanish top flight and will be boosted in their fight against relegation by the arrival of Orellana, who has won 39 international caps with two-time defending Copa America champions Chile.