The goalkeeper has hinted he could be interested in a move to other leagues, such as the Premier League or Serie A.
"Since signing the last one, I haven't discussed it any further," Valdes told Spanish media at a press conference when asked about his contract.
"My hopes of ending my career here, time will tell. I've been in goal here for 11 years, which is complicated in many ways.
"I'm not ruling out experiencing other cultures, other styles of football, other countries, whatever comes my way."