Igor Rakocevic
Rakocevic, 26, who spent last season with Red Star Belgrade, has joined compatriot Dejan Tomasevic with the Spanish outfit.
Pamesa's director of sport, Manolo Real, said: "It was not easy to sign a player of his calibre and we value the fact that the player has accepted our project above the other important offers that he had from clubs particiapting in Europe next season.
"For that reason we are very satisfied."
Rakocevic has a lower profile that Tomasevic and Barcelona superstar Dejan Bodiroga, but he is proven quality.
In 2002, he played for his country as they successfully defended their world title in Indianapolis.
"Igor's signing is a gamble considering he's not a player well known in Spain, but nevertheless, he is a player who fits in well with the positions that are vacant," Real added.
Rakocevic, a 1.91m guard, is excited about his new opportunity.
"This is a serious and well organised club that is important not only in Spain but also in Europe," Rakocevic said.
"Pamesa Valencia have high quality players who are of the level of Dejan (Tomasevic). He's a great player, with a lot of talent. We all know it, and it good to be able to play with him again."