But a terrible start to the current campaign threw his future into jeopardy and Valencia confirmed his dismissal on Tuesday – two days on from a 2-1 defeat at Athletic Bilbao.
"After the meeting of the board of directors, Valencia Football Club has decided to relieve from office the coach Pako Ayestaran," a statement read.
"The decision was made after analyzing the current sporting situation and results.
"Valencia Football Club wishes to thank the involvement, effort and professionalism of Pako Ayestaran and his coaching staff in his time at the helm. The club wishes them all the best of luck for the future."
Vero Gonzalez will take charge of Valencia on an interim basis, although Argentina icon Mario Kempes – who represented Los Che during his playing days – has touted himself for the post.
Kempes, who remains a club ambassador, tweeted on Sunday: "In response to those who ask for me to become coach of Valencia, I would do so with all my desire so long as they ask me.