Former Arsenal, Leeds United and current Liverpool right winger Jermaine Pennant has clinched a Bosman transfer to Spanish club Valencia this summer according to reports in the Spanish press.
Pennant, currently on loan at Portsmouth was keen to stay at Anfield, but sources suggest Rafa Benitez has been told to cut the wage budget at Anfield, if he wants to sign his transfer targets this summer.
The wideman was linked with a shock move to Real Madrid in the January transfer window but the deal fell through after Pennant decided he wanted to fight for his place at Anfield.
The reports will come as blow to Pompey fans after Pennant admitted yeaterday that a move to the South Coast was a possibility. He said:
"It's always going to be an option. I've enjoyed my time there. I've had a very hard season, but next season we'll see what happens."