GP2 had been scheduled to hold a round at the city's purpose-built Circuit Ricardo Tormo, but series bosses decided to shelve that date in favour of joining F1 at the new venue.
The change has been supported by the GP2 teams and drivers, including iSport's Karun Chandhok, who carried out a recce of the streets around the port where the circuit is to be based last year.
"I'm delighted," he told autosport.com. "Partly because I can't stand the other circuit in Valencia but also because the street race is going to be a great event.
"I had a walk round the streets that it will run on last year and it looks like a mega setting. Looking at the computer generated graphics it looks like it's going to be pretty quick too. Nothing like Monaco where we all run super high downforce round twisty streets.
"I think it will be very difficult to anyone who doesn't like doing street races and driving between barriers, it's going to be great."
Campos Racing's Ben Hanley is also looking forward to the event and told autosport.com: "Every street circuit gets that little bit extra adrenalin pumping with the walls so close. Everyone really enjoys Monaco so another street race is extremely welcome.
"We'll all be starting from the same point when we get there and Campos have shown they can hit the ground running from the first test with the new car when we were quickest, so I'm definitely looking forward to it. It's going to be one of the highlights of the calendar."
GP2 rookie Alvaro Parente added: "I've raced on street circuits a few times and gone really well at Monaco in the past so it's good. It will be a big challenge, especially if the circuit is very fast, which will make things interesting."
The Valencia street race will take place over the weekend of August 22-24.
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