The 21-year-old has agreed a three-year contract with the Yellow Submarine following a 12-month stint at Red Star.
Pantic, who has been capped at Under-21 level for Serbia, began his career with FK Rad, making his full debut for the Serbian Superliga outfit in May 2011 at the age of 19.
Prantic joined Red Star last season and made 13 appearances under Robert Prosinecki in the 2012-13 campaign as they finished second in the Serbian top flight.
Villarreal have also recruited Slovenian defender Bojan Jokic from Chievo and midfielder Tomas Pina from Mallorca.
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