The 18 year-old joins Celta on-loan for the remainder of the season.
Celta management will take a close look at Vazquez, who will spend the rest of the campaign with the club's B team.
Oviedo announced: "Jaime Vázquez, an 18-year-old left-footed central defender, has renewed his contract with Real Oviedo until 2027 before leaving for Vigo, where he will play for Celta Fortuna, a sky-blue subsidiary team that competes in the Primera RFEF.
"The player from Avilés, who passed through the youth systems of Sporting and Real Madrid before arriving at Real Oviedo in 2023, has been part of the dynamics of the first team of the blues since pre-season and this season has played six games, four of them as a starter, in the Segunda Division and seven with Vetusta, a sky-blue subsidiary team that competes in the Tercera RFEF."