The Austrian midfielder has spent the last four seasons at Mainz but, after a 13th-placed finish in the Bundesliga last term, he has chosen to leave the club and move to La Liga with Levante.
Ivanschitz notched seven goals in 31 Bundesliga appearances last season and with his contract due to expire, Levante has moved quickly to secure his services, with the player arriving in Valencia for a medical on Monday.
Levante finished 11th in the Spanish top-flight last season and was the second-lowest scorers in the league with just 40 goals, but Ivanschitz is hoping his attacking talents can boost that tally next term.
"I am proud to belong to the Levante," he told the club's official website."It's a good opportunity to participate in the Spanish league.
"The last three or four years at Mainz I played as a left winger or centrally as a second striker, I like both positions, it's no problem for me because I have played that for many years."
His former club Mainz confirmed the move on its website, wishing the departing player well for the future.
A statement read: "Until the end of the month Ivanschitz is still officially a Mainz player. (However) since the weekend, it's clear where the Austrian, whose contract was not renewed at Mainz 05, will play in the upcoming season.
"Ivanschitz was presented on Sunday at the Spanish side Levante UD as a new signing.
"Ivanschitz has worn the jersey of Mainz for four years, scored 22 goals in 104 Bundesliga games. Mainz will retain the Austrian in our memory forever, we wish him every success with his new club!"