The 25-year-old left the Biscay club in August 2011 to join Valladolid, for whom he made 72 league appearances.
However, Bilbao have now exercised a buy-back clause in the player's contract.
It is believed that Bilbao will pay Valladolid a fee in the region of £255,000 for Balenziaga's services.
Restore Data
| Team | P | W | D | L | F | A | GD | PTS | |
| 1 | Atletico MadridAtletico | 19 | 13 | 5 | 1 | 34 | 12 | 22 | 44 |
| 2 | Real Madrid | 19 | 13 | 4 | 2 | 43 | 19 | 24 | 43 |
| 3 | Barcelona | 19 | 12 | 2 | 5 | 51 | 22 | 29 | 38 |
| 4 | Athletic Bilbao | 19 | 10 | 6 | 3 | 29 | 17 | 12 | 36 |
| 5 | Villarreal | 19 | 8 | 6 | 5 | 34 | 31 | 3 | 30 |
| 6 | Mallorca | 19 | 9 | 3 | 7 | 19 | 21 | -2 | 30 |
| 7 | Real Sociedad | 19 | 8 | 4 | 7 | 17 | 13 | 4 | 28 |
| 8 | GironaGirona | 19 | 8 | 4 | 7 | 27 | 25 | 2 | 28 |
| 9 | Rayo Vallecano | 19 | 6 | 7 | 6 | 22 | 22 | 0 | 25 |
| 10 | Real BetisBetis | 19 | 6 | 7 | 6 | 21 | 23 | -2 | 25 |
| 11 | Osasuna | 19 | 6 | 7 | 6 | 23 | 28 | -5 | 25 |
| 12 | Celta Vigo | 19 | 7 | 3 | 9 | 28 | 30 | -2 | 24 |
| 13 | Sevilla | 19 | 6 | 5 | 8 | 21 | 28 | -7 | 23 |
| 14 | Las PalmasLas Palmas | 19 | 6 | 4 | 9 | 24 | 29 | -5 | 22 |
| 15 | Getafe | 19 | 4 | 7 | 8 | 13 | 16 | -3 | 19 |
| 16 | Leganes | 19 | 4 | 7 | 8 | 18 | 29 | -11 | 19 |
| 17 | AlavesAlaves | 19 | 4 | 5 | 10 | 21 | 31 | -10 | 17 |
| 18 | Espanyol | 19 | 4 | 4 | 11 | 17 | 31 | -14 | 16 |
| 19 | Real ValladolidValladolid | 19 | 4 | 3 | 12 | 13 | 37 | -24 | 15 |
| 20 | Valencia | 19 | 2 | 7 | 10 | 18 | 29 | -11 | 13 |
| > La Liga Full Table | |||||||||
