The pair are rumoured not to see eye-to-eye, but Valdano says he's happy for Mourinho to go over his head and speak with president Florentino Perez directly.
Valdano said: "He's a coach who wants that autonomy, he needs to have control. It's then that he is comfortable.
"Now he has declared that he is very protected by the club and feels very well and could even renew his contract. So the goal has been achieved.
"The coach is an important person and needs to feel protected by the club. It was agreed, it seemed that it was lawful and we have done it naturally.
"But everything was exaggerated at the time, it was a large media focus."