The Ecuadorian has been employed in defence several times already this season to cover for injuries, most recently in last weekend's 2-0 home win over Norwich City.
And besides the lapse that almost allowed Anthony Pilkington to open the scoring for the Canaries, Valencia has performed admirably in his temporary role, combining defensive strength and speed with a willingness to get forward and support the forwards.
"I've played at right-back a few times and I've enjoyed the position," he told United's official Spanish website. "I respect regular players in that position as they pick up quite a few knocks.
"But I have also played back on the wing this season and I'm happy anywhere on the field. I hope to be ready and to play well when the boss calls me."