The Castilians are almost safe from La Liga relegation and have started planning for next season.
With Brazilian legend Ronaldo the club’s majority owner, they have ambitions to go further up the table.
Orellana refused to renew his contract at Eibar, who are also fighting to survive in Spain’s top flight.
According to Marca, Valladolid already have Orellana’s signature for next season.
The Chilean winger has been arguably been Eibar’s best player this season, scoring eight and assisting six goals in the league.
At Eibar, Orellana has redeemed himself after a failed spell at Valencia in 2017.