The 30-year-old left-back completed a move from Porto yesterday after a medical at Bellefield.
The Everton manager, David Moyes, made his move becauseAlessandro Pistone is facing six months on the sidelines. With Gary Naysmith also injured, Valente should make his debut when the Premiership resumes in two weeks after the international break.
Valente, who has 18 international caps, will link up with Portugal for their World Cup double-header against Russia and Luxembourg.
His arrival follows the signing of the Italian international Matteo Ferrari on a season-long loan from Roma on Friday and the Dutch international Andy van der Meyde has been on Merseyside undergoing a medical with a view to a move from Internazionale ahead of Wednesday's transfer deadline.
Valente represented his country at Euro 2004 and was a member of the Porto squad that won the 2004 Champions' League.
The 30-year-old defender told Portuguese newspaper O Jogo: "This is a moment of sadness for me. I deserved to leave in a better way than this considering all I have done for Porto.
"The club has its reasons, and I respect them, and I have mine. I prefer my opinion to theirs."
Tottenham Hotspur are to make a £2m bid for the Chelsea striker Carlton Cole following Mido's red card against the Blues on Saturday. The centre-forward now faces a ban of up to three matches. With Frédi Kanouté sold, that increases Tottenham's urgency in signing another forward.
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