Santiago Canizares is reportedly set to sign a new long-term deal with Valencia.
The goalkeeper turns 37 next month and his current deal expires at the end of the season, but he has been in negotiations with club president Juan Soler about extending his stay at the Estadio Mestalla until 2009.
"I am 99 percent sure of keeping our goalkeeper and I predict it will be finalised in the first week of December," said Soler.
"It would be unjust not to keep Canizares after this past season."
Portuguese defender Miguel, meanwhile, has been ruled out for at least three weeks with a leg injury.
He picked up the problem in training and becomes the tenth Valencia player to be sidelined this season.
Sport director Amedeo Carboni commented: "Right now we are looking at the recovery of our players and not thinking about the January transfer market."