We report the synthesis of a key mononuclear intermediate complex based on a quinoid ligand, and its further metalation to afford the corresponding heterobimetallic compound that revealed unique properties. An unprecedented heterobimetallic effect in coordination chemistry could be indeed observed and exploited to prepare, through selective ligand exchange, a tetranuclear complex (Pd-Ni-Ni-Pd) absorbing light up to the far-red region. Most importantly, we describe here to the best of our knowledge the first use of bischelating ligand for ligand exchange and this approach can be considered as a new route for incorporating planar units to access multi-heteronuclear complexes. The origin of this specific ligand exchange as well as of the nature of the electronic excited-states of the relevant structures have been investigated by first-principle calculations.