Santiago Canizares has signed a two-year extension to his contract at Valencia, quashing rumours that the club were considering an approach for Liverpool goalkeeper Jose Reina.
Canizares's previous deal had been set to expire at the end of the season, and while his future was undecided los Che were linked with a move for Reina, with Valencia number two Ludovic Butelle moving in the opposite direction.
However, sporting director Amedeo Carboni confirmed: "He will be staying with us for another two seasons."
Canizares's form this season was a key factor in Valencia's decision to extend his stay at the club as he had been ever-present in the league.
Valencia are also hoping to conclude negotiations with influential midfielder David Albelda before the Christmas break.
"I do not think that there will be any problems there," said Carboni
"It is an unresolved matter from the previous management of the club and will be sorted out internally.
"Both Albelda and Cañizares are very important players in our squad and we are very happy that they will both be staying with us."