The 55-year-old was given his marching orders after a run of just one win from five matches.
His successor, Setien, has been out of work since leaving Real Betis last June.
Setien has signed a contract until June 2022 as Barcelona part ways with Valverde after a two-and-a-half-year spell.
Despite winning back-to-back LaLiga titles, Barcelona suffered two successive humiliating Champions League exits to Roma and Liverpool during Valverde’s time in charge.
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