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However, in a late twist on 26 August, Fernandes opted to sign a six-year contract with La Liga side Valencia CF, in a deal worth €18 million (£12.2 million) to Benfica and the third parties owner.
Fernandes made his debut as a substitute during a 2–1 away win against UD Almería on 2 September 2007, and ended his first season with seven league appearances, five in the starting XI.
In January 2008 he was loaned back to Everton until the end of the season, with the club having the option to sign him permanently; during his five-month spell he went scoreless in 13 official appearances, 12 of those in the league.
Back at Valencia for the 2008–09 season, new Valencia coach Unai Emery declared Fernandes as part of his plans: he came from the bench in the first league match, a 3–0 home win against RCD Mallorca.
A transfer was first proposed in late July, but could not be concluded as the player was still suffering from the injury, failing his medical at the club twice; in an unusual move, Benfica allowed the player to be treated at Portsmouth in the hope that he would regain fitness before the 1 September transfer deadline, and, after five weeks at the club, it was projected that he still needed two months recovery and so, the initial loan deal with a future fee was agreed.
On 8 August 2007 it was reported that the Toffees had made an offer of £6 million for the player and, five days later, it was confirmed by both clubs that he was the subject of an acceptable bid from the English side, believed to be £6 million for Benfica's 50% share in the player, with Everton having to negotiate with Global Sports Agency for the other half his playing rights; later reports indicated Everton were willing to pay £12 million for 100% of the rights.On 14 August, it was reported that Fernandes had flown to the Merseyside to complete the deal after being left out of the squad in Benfica's game, and he attended Everton's match against Blackburn on 25 August.Adding to the fact the player's rights were partly owned by an agency, the Premier League did not agree to the transfer as Everton would only half-own the player's contract – the English were not too happy about this as the league had previously let Carlos Tevez and Javier Mascherano move to other clubs under the same agreements.; born 5 February 1986) is a Portuguese professional footballer who plays for Russian club FC Lokomotiv Moscow as a midfielder.He plays principally as a central midfielder and is known for his dribbling ability and passing range.